Virgin Money launch Help to Buy mortgages ahead of schedule
- 95% LTV fixed rates available from 5.29% (No product fee)
- 90% LTV fixed rates available from 4.29% (No product fee)
Virgin Money has today announced the launch of new 95% and 90% 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% at 95% LTV and 4.29% at 90% LTV. Three year fixed rates are available at 5.39% at 95% LTV and 4.69% at 90% 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% at 95% LTV and 4.89% at 90% 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.*
Virgin Money Press Office
Tel: 0191 279 4676
Notes to Editors
Maximum loan-to-value (LTV)
Virgin Money has increased its maximum loan-to-value (LTV) for residential remortgages to 90%.
Early Repayment Charges
Following the fixed rate period the loan will revert to Virgin Money’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan. On Everyday products, the Early Repayment Charge will apply to the outstanding secured loan of the balance at the time of redemption. Any overpayments in excess of the 10% annual allowance will also be subject to the Early Repayment Charge.
Products are available through registered mortgage intermediaries, via the UK based call centre on 0800 0285 277, at mortgages.virginmoney.com, or through the nationwide network of stores. Phone lines are open from 8am to 8pm Monday to Friday, 9am to 3pm Saturday and 10am to 3pm on Sunday.
Funding for Lending Data
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders
- Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving
- The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit www.virginmoney.com/mortgage / www.virginmoney.com/savings / uk.virginmoney.com/virgin/splash/cards.jsp for full terms and conditions.
Everyday Fixed Range: All with no product fee
|2 year fixed||90%||4.29%||£300||4.29%|
|3 year fixed||90%||4.69%||£300||4.69%|
|5 year fixed||90%||4.89%||£300||4.89%|