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Virgin Money removes £30,000 minimum income cap on help to buy equity loan products


This information is intended for use by journalists and is correct at the time of publication. Customers wanting to view our current mortgage range should visit our mortgages pages.

Virgin Money is removing the £30,000 minimum income threshold for mortgage products which make up its Help to Buy Equity Loan range

The Help to Buy Equity Loan scheme allows a customer to buy a new-build home with just a 5% deposit. The Government then loans up to 20% of the property value, with a mortgage making up the remaining 75%. The scheme allows customers to purchase a newly-built home with a smaller deposit whilst keeping monthly costs down as the equity loan is fee-free for the first five years.

A range of Help to Buy mortgage products is available including:

  • Two year fixed rate at 2.85% at 75% LTV with a £995 product fee
  • Two year fixed rate at 3.35% at 75% with no product fee
  • Five year fixed rates at 3.79% at 75% LTV with a £995 product fee
  • Five year fixed rate at 3.90% at 75% LTV with no product fee.

Mortgages in the range also come with £800 cashback which customers can use to help with legal fees, valuation fees, or the general cost of moving home. Virgin Money is a responsible lender and all lending is strictly subject to affordability.

The products are available through Virgin Money’s key new build intermediary partners.

In addition to the removal of the £30,000 minimum income threshold Virgin Money will also accept applications from the Welsh Government's Equity Loan scheme and in Scotland where an Authority to Proceed (ATP) has already been obtained.

Anthony Mooney, Director of Financial Service said: "The changes we are making allow Virgin Money to lend to customers with good affordability and an income below £30,000. This will play an important part in helping people to get their feet onto the first rung of the housing ladder. Virgin Money is committed to responsible lending in all segments of the mortgage market and this latest change to our mortgage policy demonstrates exactly that."

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Media Contacts

Virgin Money Press Office
0191 279 4676


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 has helped London Marathon runners raise over £¼ billion through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.

Supplementary notes

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 for full terms and conditions.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.