In this section

Virgin Money widens shared ownership proposition

05/03/2018

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 mortgage pages for full terms and conditions.

  • Shared Ownership now available to all regions in England
  • It provides an affordable way for people to get a foot on the property ladder
  • £100 will be donated to Crisis for every completed Shared Ownership mortgage

Virgin Money has extended its Shared Ownership proposition to the rest of England following a successful launch in London, the South West and South East.

Shared Ownership allows people to buy an initial share of between 25% and 75% of a home, and pay an affordable rent on the remaining share owned by a housing association or registered provider. This helps customers achieve their home ownership aspirations in more manageable stages and with a smaller deposit.

Jon Lord, Managing Director at Metro Finance said: "Virgin Money extending its Shared Ownership proposition across England is fantastic news for the market. The widening of the scheme will provide greater support for the sector and Housing Associations as well as giving buyers more choice. Ultimately this can only serve to encourage more building of Shared Ownership homes meaning more people have a chance of getting a foot on the housing ladder in an affordable manner."

Kelly McCabe, Managing Director at The Mortgage People said: "Virgin Money entering the Shared Ownership market last year was a real milestone for affordable housing. It’s given a real focus to the product and a confidence that comes with a brand like this. The extension of the proposition will offer customers a greater choice, with a brand they know and trust."

Andrew Asaam, Director of Mortgages and Life Insurance at Virgin Money, said: "It is fantastic news that we have been able to extend our Shared Ownership proposition to the rest of England. The pilot launch has proved very successful and provides people with an affordable way to get onto the housing ladder. Virgin Money will also continue to make a donation to Crisis for every Shared Ownership completion."

Charitable donation
As part of Virgin Money’s ambition to make everyone better off, it will donate £100 to Crisis, the national charity for homeless people, for every Shared Ownership mortgage completion.

Products

Two-year Shared Ownership products:

  • Fixed rate at 85% LTV available at 1.94% (£995 product fee, £300 cashback)
  • Fixed rate at 85% LTV available at 2.61% (No product fee, £300 cashback)
  • Fixed rate at 90% LTV available at 3.39% (No product fee, £300 cashback)

Five-year Shared Ownership products:

  • Fixed rate at 85% LTV available at 2.49% (£995 product fee, £300 cashback)
  • Fixed rate at 85% LTV available at 2.79% (No product fee, £300 cashback)
  • Fixed rate at 90% LTV available at 4.29% (No product fee, £300 cashback)

Products are available through a limited number of intermediary partners.

ENDS

Media Contacts:

Virgin Money Press Office:

0191 279 4676

press.office@virginmoney.com

NOTES TO EDITORS

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to 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.
  • Over 13,900 charities have registered with Virgin Money Giving and, by the end of 2017, over £600 million had been donated to charities through the service since its launch in 2009, resulting in an estimated £19 million more donated to charities because of its not-for-profit model.
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.