Virgin Money has unveiled new 95% and 90% loan-to-value (LTV) residential mortgages as part of the Help to Buy mortgage guarantee scheme, several weeks ahead of schedule.
The products are available with immediate effect through all mortgage distribution channels, including Virgin Money’s stores and intermediary partners.
Two-year fixed rates are available at 5.29% at 95% LTV and 4.29% at 90% LTV, while three-year fixed rates are available at 5.39% at 95% LTV and 4.69% at 90% LTV.
Meanwhile, Virgin Money is offering five year fixed rates of 5.49% at 95% LTV and 4.89% at 90% LTV.
None of the mortgages from the new range have a product fee and purchase customers are eligible to claim £300 cashback as a contribution towards legal fees, valuation fees or the general cost of moving home.
Anthony Mooney, director of financial services at Virgin Money, said: “Virgin Money is one of the fastest growing lenders in the market, and we want to continue to build our support for people’s home ownership ambitions. Joining the Help to Buy mortgage guarantee scheme today, several weeks ahead of our original plans, further strengthens our commitment to consumers in this under-served part of the market.
“It is encouraging to see that the scheme has got off to a strong start, and we are pleased to be widening the choice of products available to those looking to get on to or move up the housing ladder.”
