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Virgin Money for Intermediaries has launched a market-leading five-year fixed-rate mortgage.

The 1.46% rate has a £1,495 arrangement fee and applicants will require a 35% deposit to qualify. The maximum loan is £1 million.

After the fixed-rate period, the mortgage reverts to the lenders 4.99% standard variable rate and the APRC is 3.6%.

Aaron Strutt, product director at Trinity Financial, says: “The lenders are still changing their rates very frequently to attract more business and there is a lot of choice at the moment.

“If you are coming to the end of your fixed-rate and plan to remortgage, it is worth shopping around to get the cheapest deal. There are some great, two, three and five-year fixes.”

Santander was offering the lowest five-year year fix although Virgin Money’s rate is 0.03% cheaper.

Is it worth taking a ten-year fix?

More of the banks and building societies are offering ten-year fixed rates, but there is still a large premium to pay for payment security.

TSB has one of the most competitively priced ten-year fixes, but it is 0.78% more expensive than Virgin's 1.46% five-year fix. 

If you are not planning to move home and you have a relatively small mortgage, the ten-year deals offer real value for money, but if you want to lowest possible rate the two and five-year deals are better options.

Call Trinity Financial on 020 7016 0790 to secure a mortgage

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