Virgin Money has launched three new fixed rate deals and cut the price for one of its longer-term mortgages.

The three new products are all available at up to 75% LTV, charge a £995 fee, come with £1,000 cashback and consist of:

• A seven-year fix at 1.89%
• A 10-year fix at 1.89%
• A 15-year fix at 2.49%

As well as this, the lender has made a 20 basis point reduction to its 95% LTV 10-year fix fee-saver with £1,000 cashback, bringing its rate to 3.99%.

Virgin Money national sales manager Richard Walker says: “There’s a clear market for long-term fixed rates from borrowers who value that payment security.

“It’s well-known that five-year fixes grew in popularity over the last decade. We also know that more borrowers are considering the benefits of stable payments over a longer term, especially as household budgets are under pressure and market rates may increase. Our new rates offer stability and come with added cashback.”

And Private Finance associate director and mortgage consultant Chris Sykes adds: “Lenders know that there will be interest rate increases over the next 12 months, but from seeing where their long term fixed rates are sitting at the moment it seems lenders have little to no concerns in regards to the long term interest rate environment.”