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Virgin Money launches new Help To Buy Equity Loan mortgages for Scotland

25/05/2016

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 our mortgages pages.

  • New range of products for Scotland at 80% LTV is available from 2.04%, with a £995 product fee
  • New Stamp Duty Buster products also available

Virgin Money has launched a new range of Help to Buy Equity Loan products to support Scotland’s Help to Buy scheme. The products will be available from today, Wednesday 25 May.

The 80% LTV Help to Buy Equity Loan products include:

  • Two-year fixed rate available at 2.04% (£995 product fee, £500 cashback)
  • Five-year fixed rate available at 2.79% (£995 product fee, £500 cashback)

A new ‘Stamp Duty Buster’ range has also been launched, with £2,500 cashback, designed to help cover Stamp Duty as well as other costs.

The new Stamp Duty Buster products are:

  • Two-year fixed rate at 80% LTV available in Scotland at 2.95% (£995 product fee, £2,500 cashback)
  • Five-year fixed rate at 80% LTV available in Scotland at 3.65% (£995 product fee, £2,500 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: “These new Help to Buy Equity Loan products demonstrate our support for people who want to realise their dream of owning their own home. The new products are designed specifically to support Scotland’s Help to Buy scheme.”

Virgin Money continues to support the Help to Buy Equity Loan schemes in England, Wales and Scotland, and products are available through all registered intermediaries. Full details of the Virgin Money mortgage range are available at www.virginmoney.com  Opens in a new window

ENDS

Media Contacts
Virgin Money Press Office
0191 279 4676
press.office@virginmoney.com

NOTES TO EDITORS

Help to Buy Equity Loan Scheme

The Help to Buy Equity Loan scheme enables a customer to buy a new-build home with just a 5% deposit. In England and Wales, the Government provides a loan of up to 20% LTV, with a mortgage of up 75% LTV making up the remainder. For the London area a larger Government loan of 40% of the property value is available. The Help to Buy Equity Loan scheme in Scotland sees the Government provide a loan of up to 15%, with the customer required to provide a 5% deposit with a mortgage of up to 80% LTV making up the remainder.

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to over 3 million customers across the UK.
  • 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.
  • More than 11,500 charities have registered with Virgin Money Giving and, by the end of 2015, over £420 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £13 million more raised for charity because of its not-for-profit model.

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 http://uk.virginmoney.com/mortgages/  Opens in a new window 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.