Virgin Money has launched a range of long-term fixed rate residential and buy-to-let products which run for up to 15 years.
The residential range, offering loans up to 95% LTV, including a 15-year fixed rate at 65% LTV at 2.55% with £995 product fee, a 15-year fixed rate at 65% LTV at 2.89% with no product fee and a 15-year fixed rate at 75% LTV at 2.75% with £995 product fee.
It will also be offering a 15-year fixed rate at 75% LTV at 2.99% with no product fee and a 15-year fixed rate at 90% LTV at 3.75% with no product fee.
The buy-to-let range, sees loans of up to 75% LTV, including a 7-year fixed rate at 60% LTV at 2.36% with £1,995 product fee, a 7-year fixed rate at 75% LTV at 3.24% with £995 product fee and a 10-year fixed rate at 60% LTV at 2.46% with £1,995 product fee.
Virgin Money will also be offering a 10-year fixed rate at 75% LTV at 3.99% with no product fee for buy-to-let borrowers.
Andrew Asaam, director of mortgages at Virgin Money, said: “Fixed rates of longer than 10-years are not generally available in the UK market but, given the economic backdrop, they can be a perfect choice for borrowers who are looking for longer interest rate certainty.
“We are delighted to continue our tradition of innovation by adding them to our range, giving customers the option to take advantage and lock in the low rate environment for an extended period.
“Buy-to-let customers can also benefit, as our new range offers an attractive choice for landlords with fixed rates of up to 10-years.”
The products have the same benefits as Virgin’s shorter-term range including over payments of up to 10% per annum without penalty, payment holidays and portability.