Virgin Money is launching two new limited period mortgages on Wednesday 17 September.
The products are available for purchase and remortgage customers and offer customers a six-year fixed rate at the same price as is currently available on its five-year fixed rate mortgages.
The new products are a six-year fixed rate at 2.99% up to 70% LTV with a £995 product fee and a six-year fixed rate at 3.59% up to 70% LTV with no product fee.
The new products are available through all registered intermediaries and direct to customers via MoneySupermarket.com.
Following the fixed rate period, the loan will revert to Virgin Money’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
On Everyday products, the Early Repayment Charge will apply to the outstanding secured loan balance at the time of redemption. Any overpayments in excess of the 10% annual allowance will also be subject to the Early Repayment Charge.
Peter Rogerson, Virgin Money’s savings and mortgages director, said: “This is the only six-year fixed rate mortgage available in the market and we are delighted that we can offer it to customers at the same rate as for five years.
“It’s a great choice for those customers looking for a prolonged period of certainty with their mortgage payments. We expect this to be a very popular product so it will only be available for a limited period.”