Switching mortgage is a hassle. When the initial period runs out you need to go through the whole process again, including valuation surveys, product fees, earnings assessments and more.
So what if you could just fix your payments for longer?
Well, that's exactly what Virgin Money have decided to offer - launching its first 15-year fixed-rate mortgage.
Andrew Asaam, director of mortgages at Virgin Money, said: "Fixed rates of longer than 10 years are not generally available in the UK market but, given the economic backdrop, they can be a perfect choice for borrowers who are looking for longer interest rate certainty."
The cheapest rate on offer for the 15-year mortgages is 2.55%, if you have a 35% deposit and pay a £995 fee. The most expensive is 3.75% with no fee for a 95% mortgage.
The deal also allows payment holidays and portability to a new property, so sedpite being locked into the rate, you have some flexibility.
Moneyfacts.co.uk finance expert Rachel Springall said: "Fifteen-year fixed mortgages have been seen before in the UK, but generally there were very few lenders to offer them."
But that doesn't mean it won't work.
"It is worth remembering that 10-year fixed mortgages have boomed over the past five years or so and there now are now over 150 options to choose from," she added.
But it won't be for everyone.
Chris Sykes, mortgage consultant at broker Private Finance, said: "A 15-year fix is a considerable commitment and therefore won't be suitable for everyone.
"Those anticipating a move within this time-frame will likely be suited to a shorter-term product.
"However, home owners in their 'forever home' looking for a way to guarantee their monthly repayments may well be tempted by the prospect of financial security that lasts beyond the next decade, particularly in today's uncertain times."
The new range is available from 31 July 2019, with full details available at www.virginmoney.com
