Virgin Money launches new 10 and 15-year fixed rates

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The new range replaces existing 10 and 15-year rates at 65% LTV, alongside a 10-year fix at 90% LTV, which have been withdrawn.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.”