Virgin Money Announces 10-Year Fixed Rate at 1.89%

Virgin Money has launched three new fixed-rate offers and reduced the price of one of its longer-term mortgages.

The three new products are all available at up to 75% LTV, charge a fee of £995, come with £1,000 cashback and consist of:

  • A seven-year fix at 1.89%
  • A 10-year fix at 1.89%
  • A 15-year fix at 2.49%

On top of that, the lender cut its fixed fee saver by 20 basis points to 95% LTV over 10 years with a discount of £1,000, taking its rate to 3.99%.

Virgin Money national sales manager Richard Walker said: “There is a clear market for long-term fixed rates from borrowers who value this payment security.

“It is well known that five-year patches have grown in popularity over the past decade. We also know that more and more borrowers are considering the benefits of longer-term stable payments, especially as household budgets come under pressure and market rates may rise. Our new rates offer stability and come with extra cash back.

And Chris Sykes, Associate Director and Mortgage Consultant at Private Finance, adds: “Lenders know there will be interest rate increases over the next 12 months, but seeing where their fixed rates stand at long term at the moment it seems lenders have little to no worries. regarding the long-term interest rate environment.

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