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Virgin Money has launched a 15-year fixed rate mortgage for the first time ever. The move comes as part of a new range of long-term residential and buy-to-let mortgages.

The residential rates for the 15-year fixed rate products start from 2.55% at 65% LTV. For those with higher LTVs, rates are 2.75% at 75% LTV and 3.75% at 90% LTV.

Landlords will be interested in hearing about the new buy-to-let products offered. These start from a seven-year fixed rate with a rate of 2.36% at 60% LTV with a £1,995 product fee. There’s also a rate of 3.24% available up to 75% LTV with a £995 fee.

Ten-year buy-to-let rates are available at 2.46% up to 60% LTV with a £1,995 fee and 3.99% up to 75% LTV with no product fee.

Andrew Asaam - Virgin Money on their new 15 year fixed rate mortgages

Andrew Asaam, director of mortgages at Virgin Money, said: “Fixed rates of longer than ten 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.

Buy-to-let customers can also benefit, as our new range offers an attractive choice for landlords with fixed rates of up to ten years.”

Whether a 15-year fixed rate will appeal to many landlords remains to be seen.

If you want to know more about Virgin Money’s mortgages, feel free to contact us.

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Information taken from Financial Reporter