Virgin Money has launched a new 15-year fixed-rate mortgage deal that aims to remove the uncertainty of the financial markets from homeowners and movers. The long-term deal is part of a new range of residential deals along with buy-to-let options from the lender, which now incorporates the Clydesdale and Yorkshire Bank groups, too.
Those moving home or remortgaging can access the new long-term deals knowing their repayments will not change at all during the 15-year period. Borrowers will be able to make overpayments of up to 10 percent a year without any penalties, take a payment holiday and use the deal’s portability when they move home by keeping the same rate. Loans are based on a 95 percent loan-to-value (LTV), meaning borrowers must have a minimum 5 percent deposit. Interest rates range from 2.99 percent on a LTV mortgage of 65 percent to 3.75 percent on a 90 percent LTV mortgage.
Tradition of innovation
Andrew Assam, 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.”
Great deal on conveyancing
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