5 Aug

Homebuyers

15-year fixed-rate mortgage offers repayment certainty to home movers

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.

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Portable deal

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

Whether you’re moving home or remortgaging and taking advantage of a good repayment deal, you also need to find a great deal on conveyancing services. Homeward Legal has the expertise you need at the best possible price. Talk to our team now on 0800 038 6699 to find top-quality conveyancing services or get an instant quote for the legal work you’ll need to get your property transaction over the line.