Mortgage price war: Now you can fix for six years at under 3pc

This pricing puts Virgin's six-year deal neck-and-neck with the best rates available for five year loans from rivals. HSBC, for instance, offers what was one of the best five year rates at 2.99pc, as does Metro Bank.

For borrowers with smaller loans, Virgin will scrap the £995 fee and instead charge a higher rate of 3.59pc. Borrowers would have to work out themselves which deal would work out better.

Buy-to-let shake-up: longer-term fixed rates here, too

Skipton Building Society has pushed out the terms of buy-to-let mortgages by offering a seven-year fixed rate. Landlords with 40pc equity or deposits can borrow at 4.6pc until 2021. The fee, comparatively low for landlord loans, is £750.

For those with less to put down - 25pc - the rate rises to 5pc and the fee to £1,750.

Longer-term fixes are attractive to landlords wanting security as variable rates look set to rise. Those focused on income generation through their properties are especially drawn to the certainty of fixed rates, brokers say.

Skipton's seven year deal is currently the longest term available for landlords. It also offers shorter fixes, such as a five-year loan at 3.99pc (£750 upfront fee), which are competitive but not quite best-buy. That rate is available for borrowers with 40pc deposit or equity.

A better five year fix comes from rival mutual lender Accord, part f the Yorkshire Building Society, which charges 3.54pc with an upfront £800 fee, available through brokers John Charcol.

For more mortgage rate news and forecasts, plus a range of information about buy-to-let trends and returns, sign up to our free, weekly Money Newsletter here .

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