Virgin Money launches a 15-year fixed rate mortgage | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

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Derin Clark

Derin Clark

Online Reporter
Published: 31/07/2019

Virgin Money has launched a 15-year fixed rate mortgage, which is the longest residential mortgage available on the market and the first time a mortgage of this term has been offered since 2009.

This new 15-year fixed rate mortgage deal allows overpayments of up to 10% per annum, payment holidays and portability to a new property if borrowers move home. It is available across a number of loan-to-value (LTV) tiers and includes rate options for those looking to pay a product fee and those who are looking for a deal with no product fees. The rates include:

  • 15-year fixed rate at 65% LTV at 2.55% with £995 product fee
  • 15-year fixed rate at 65% LTV at 2.89% with no product fee
  • 15-year fixed rate at 75% LTV at 2.75% with £995 product fee
  • 15-year fixed rate at 75% LTV at 2.99% with no product fee
  • 15-year fixed rate at 90% LTV at 3.75% with no product fee

The launch of this mortgage from Virgin Money is the first time a 15-year fixed rate mortgage has been available to residential customers since 2009, when there were a few deals being offered by Britannia Building Society. In 2007 there were more providers offering mortgage deals of this term, with Manchester Building Society and Northern Rock also offering 15-year fixed rates.

Pros and cons of a 15-year fixed rate mortgage

With the current economic uncertainty, homeowners may be keen to lock into a long-term fixed rate deal, as it provides the security of knowing the mortgage rate will remain unchanged for 15 years. As well as this, fixing into a long-term fixed rate mortgage saves on the costs of remortgaging during this period.

On the downside, however, a 15-year fixed rate deal locks borrowers into a very long contract that can become expensive if rates fall or personal finance circumstances change during the mortgage term. Borrowers should also be aware that if they are able to repay the mortgage during the fixed rate period, they will have to pay early repayment charges.

Rachel Springall, finance expert at, said: “It’s highly unusual to see a 15-year fixed rate mortgage on the market today but this term may appeal to borrowers who want to secure a rate for the longer term.

“There could well be consumers who feel concerned about economic uncertainties and any impact to their finances – so they may wish to lock down a competitive mortgage rate to weather any storm. 

“15-year fixed mortgages have been seen before in the UK, but generally there were very few lenders to offer them. However, it’s not impossible for this niche term to gain some attention – it is worth remembering that 10-year fixed mortgages have boomed over the past five years or so and there now are now over 150 options to choose from.

“Virgin Money is a well-known trusted brand, so it’s great to see them expanding their mortgage range to accommodate prospective borrowers.”


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