Virgin Money has brought out long-term fixed rate mortgages with seven, 10 and 15-year periods and a £1,000 cashback incentive.
The products include a seven-year fixed rate at 75 per cent loan to value (LTV) with a rate of 1.89 per cent. There is also a 10-year fixed rate product at the same LTV with the same rate.
The 15-year fixed rate at 75 per cent LTV has a rate of 2.49 per cent. All of the above products come with a £995 fee and £1,000 cashback on purchase.
The mortgages replace a pair of 10-year fixed rates at 65 per cent LTV, both with and without fees, as well as a 10-year fixed rate fee-saver product at 90 per cent LTV.
Two 15-year fixed rate deals at 65 per cent LTV, one fee-free and one with a £995 fee, have also been removed.
Virgin is also introducing £1,000 cashback on remortgage to replace free legals and the mortgages are portable.
The lender has also reduced its 10-year fixed rate fee-saver product at 95 per cent LTV by 0.2 per cent to 3.99 per cent.
Richard Walker (pictured), national sales manager at Virgin Money, said: “There’s a clear market for long-term fixed rates from borrowers who value that payment security. It’s well known that five-year fixes grew in popularity over the last decade.
“We also know that more borrowers are considering the benefits of stable payments over a longer term, especially as household budgets are under pressure and market rates may increase. Our new rates offer stability and come with added cashback.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
