Virgin Money & Aldermore Bank add mortgage products to their residential and buy to let ranges.
Virgin Money has launched its first seven and ten-year fixed rate mortgage products.
Seven-year fixed rates start from 2.37% at 65% LTV with a £995 product fee and are available up to 90% LTV at 2.95% with no product fee.
Ten-year fixes are available at 2.59% up to 65% LTV, 2.65% at 75% LTV and 3.25% up to 90% LTV, all with a £995 product fee.
The products are available for house purchase, remortgage and product transfer, with remortgage customers also benefiting from a free valuation and free legal work. Selected purchase products also include cashback of up to £300.
The products are designed to be flexible to customer’s changing circumstances, being portable to a new property and allowing 10% capital repayments per year without charge.
Andrew Asaam, director of mortgages at Virgin Money, said:
“We’re delighted to launch our new long term fixed rate mortgages. We have seen an increased appetite from customers wanting the opportunity to future-proof their mortgage repayments. With interest rates still relatively low we’re offering homeowners the peace of mind of low mortgage payments for the next seven to ten years.”
Aldermore has also been refreshing its products, adding a new remortgage range with deals at up to 90% loan-to-value.
The lender says the deals will suit those who want to pay back products in the Help to Buy equity loan scheme.
The limited edition remortgage-only products come with no valuation, legal, application or product fees.
A two-year fix in the new range at 90% LTV comes at a rate of 4.48% and a five-year fix is available at up to 90% LTV.
Aldermore commercial director Charles McDowell commented:
“In addition to providing budgetary certainty, these remortgage offers provide customers with the chance to raise capital for property related purposes, such as home improvements, and it is also ideal for those who want to pay back their equity loan on a Help to Buy: equity loan scheme.”
Earlier this month the lender revealed that it had launched into later-life lending with products for people who want to release equity from their homes.