Virgin Money has launched a long-term fixed rate mortgage for those who want payment security over 15 years.

The new 15-year fixed rates are available to those wanting to borrow up to 95% of the property’s value, and a range of fee options are on offer.

Prices start at 2.55%.

Mark Gordon, director of mortgages at comparethemarket.com, said: “Virgin Money is leading the way with this competitive range of long term fixed rate mortgages, which may allow budding homeowners to benefit from greater stability at a relatively small cost.

“In an increasingly competitive mortgage market, fixed rate deals are almost always better value for money than standard variable rate products (SVRs). Our own research suggests that the price difference between certain SVRs and fixed rate deals could be as much as £3,000 a year, meaning that homeowners looking to secure a better deal on their mortgage can make some serious savings by switching.”

The lender also launched two new long-term buy-to-let mortgages – seven and 10 year fixed rates. The seven year rates are available up to 60% and 75% of the property’s value, and start from 2.36%.