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Virgin Money enhances new build mortgage proposition

09/04/2018

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.

  • New range of fixed rate residential products for new build properties launched
  • Maximum LTV on new build residential houses increased to 90%
  • New build mortgage offers and extension of offers increased to seven months

Virgin Money has launched a range of new build mortgage products and enhanced its new build lending policy.

Available from Monday 9th April 2018, the range of residential new build products will include:

  • Two-year fixed rate at 90% LTV at 2.19% (£995 product fee, £300 cashback)
  • Three-year fixed rate at 90% LTV at 2.44% (£995 product fee, £300 cashback)
  • Five-year fixed rate at 90% LTV at 2.85% (£995 product fee, £300 cashback)

Existing products remain available for new build houses up to 85% LTV, and flats up to 75% LTV.

New build policy enhancements:

  • The maximum LTV on new build residential houses has increased from 85% to 90%
  • New build mortgage offers will now be valid for seven months, with an option to extend open offers for a further seven months where the construction of the property is not completed1

Andrew Asaam, Director of Mortgages at Virgin Money, said: “Our range of 90% LTV new build mortgages will provide a competitive option for clients considering a new build property. Following feedback from our new build intermediary partners and builders, we have also further enhanced our proposition to cater for clients that need extra flexibility.”

Full details of Virgin Money’s mortgage product range is available at www.virginmoney.com

ENDS

Media Contacts

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

NOTES TO EDITORS

1 Subject to there being no changes in the customer’s circumstances.

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.
  • More than 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