Virgin Money launches new Help To Buy Equity Loan mortgages for London
- Two-year fixed rate mortgage at 55% LTV is available at 1.78%, with a £995 product fee
Virgin Money has launched a new range of Help to Buy Equity Loan products to support London’s Help to Buy scheme. These new products are available now.
The 55% LTV Help to Buy Equity Loan products include:
- Two-year fixed rate available at 1.78% (£995 product fee, £500 cashback).
- Five-year fixed rate available at 2.40% (£995 product fee, £500 cashback).
These products will be attractive for the London Help to Buy scheme that offers a Government loan of up to 40%, with the customer providing a minimum 5% deposit. The 55% LTV range is also available for customers buying outside of the London area.
Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: “London’s Help to Buy scheme is incredibly important for those who want to realise their dream of owning their own home in London. Our new products have been designed specifically to support the London scheme and we look forward to working with our intermediary partners in the capital.”
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
Virgin Money Press Office
0191 279 4676
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.
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.