Virgin Money launches new 10 and 15-year fixed rates
Virgin Money has launched a new range of longer-term fixed rates with £1,000 cashback.
"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."
The new range includes seven, 10 and 15-year fixed rates.
New seven and 10-year fixes are available at 1.89% up to 75% LTV and a 15-year fixed rate starts at 2.49%, all with a £995 fee.
In addition, a 10-year fixed rate fee-saver product at 95% LTV has been reduced by 0.20% to 3.99%.
The new deals come with an enhanced £1,000 cashback on purchase and Virgin is introducing £1,000 cashback on remortgages to replace free legals.
The new range replaces existing 10 and 15-year rates at 65% LTV, alongside a 10-year fix at 90% LTV, which have been withdrawn.
Richard Walker, 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.”
