Virgin Money has announced the launch of new 95 per cent and 90 per cent loan-to-value (LTV) residential mortgages as part of the Government’s Help to Buy mortgage guarantee scheme, several weeks ahead of schedule.
The products are available with immediate effect through all mortgage distribution channels, including Virgin Money’s stores and intermediary partners.
Two year fixed rates are available at 5.29 per cent, at 95 per cent LTV and 4.29 per cent, at 90 per cent LTV. Three year fixed rates are available at 5.39 per cent at 95 per cent LTV and 4.69 per cent at 90 per cent LTV.
For customers who wish to fix their mortgage rate for a longer period, Virgin Money is offering five year fixed rates of 5.49 per cent at 95 per cent LTV and 4.89 per cent at 90 per cent LTV.
None of the mortgages from the new range have a product fee and purchase customers are eligible to claim £300 cashback as a contribution towards legal fees, valuation fees or the general cost of moving home.
Anthony Mooney, Director of Financial Services at Virgin Money, said: “Virgin Money is one of the fastest growing lenders in the market, and we want to continue to build our support for people’s home ownership ambitions. Joining the Help to Buy mortgage guarantee scheme today, several weeks ahead of our original plans, further strengthens our commitment to consumers in this under-served part of the market. It is encouraging to see that the scheme has got off to a strong start, and we are pleased to be widening the choice of products available to those looking to get on to or move up the housing ladder.”
Virgin Money’s total lending to UK households increased by £870 million during the third quarter of 2013 according to The Bank of England Funding for Lending Scheme data released on 2 December 2013. This also showed that Virgin Money was the third largest cumulative net lender since the scheme was introduced in June 2012, with net lending of over £3.2 billion to UK households.
