Virgin Money is targeting buy-to-let landlords looking to lock into decade-long fixed rate mortgage deals, amid fears over the economy and Brexit uncertainty.
The number of fixed rate mortgage products that let borrowers, including buy-to-let landlords, know precisely what their mortgage payments will be for the next decade has increased in recent months, with Virgin Money the latest lender to cater for the growing demand for long-term loans.
Virgin Money recently launched a fresh selection of ten-year fixed rate mortgages with rates starting from 2.46%.
Ten-year buy-to-let rates are available at 2.46% up to 60% loan-to-value (LTV) with a £1,995 fee and 3.99% up to 75% LTV with no product fee.
The lender is also offering a new seven-year fix rate deal from 2.36% at 60% LTV with a £1,995 product fee, as well as a 3.24% deal at up to 75% LTV with a £995 fee.
Andrew Asaam, director of mortgages at Virgin Money, commented: “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.”
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