Looking for a great mortgage rate as part of your mortgage search? If your mind is set on locking down a great rate for several years, it's well worth looking into the new 'three for two' mortgage from Virgin Money. This fixed-term mortgage offers a very good interest rate of 2.13 per cent over three years, and has no fees for either the mortgage itself or the evaluation. If you are remortgaging to this offer, your legal fees will be waived too.
Working out the total cost of your loan is always one of the most important steps when you're comparing mortgages. With this offer, there are no extra fees, only the repayments, until 1 May 2023, at which point the mortgage will revert to a standard variable rate of 4.99 per cent. The even better news is that this mortgage is offered for up to 90 per cent loan-to-value ratio (LTV), which means you only need a 10 per cent deposit to apply.
We have previously reported lower interest rates on other mortgages than the 2.13 per cent on offer here, and people with a little more funds available for mortgage fees may find their standard three-year fixed offering more attractive at 1.99 per cent. However, it does come with a fee of £995, so you'll need to decide whether the additional spend, on top of all the other expenses (e.g. stamp duty) is worth the lower rate. This three-year fixed mortgage is also available for up to 90 per cent LTV.
Want a more comprehensive idea of your mortgage options? Compare mortgages with the help of mortgage specialist Habito's online tool below.