- Virgin Money returns to 90% lending with four new First Time Buyers mortgages
- New products launch as app designed to simplify the home purchase process and take stress out of buying goes live
Virgin Money is launching a range of competitive 90% mortgages for first time buyers, signalling a return to low deposit lending.
The products, designed to help first time buyers onto the property ladder, come with 7 and 10-year fixed term options, offering stability in an ongoing uncertain market.
The return to 90% lending comes as Virgin Money launches an app aimed at coaching first time buyers through what can often be a complex and confusing process.
Home Buying Coach, a new tool designed to simplify the home purchase process and help first time buyers on to the property ladder, launches in collaboration with Life Moments. Key features include a tool to calculate what each user can afford over a range of buying timescales, the generation of a personalised saving and timeline plan, guidance on every step of the home buying process and links to Virgin Money’s mortgage products suitable for first time buyers
The new mortgages* are available on purchases up to £400,000 with the following rates:
- 7 Year Fixed 90% LTV with £995 fee - 2.99%
- 7 Year Fixed 90% LTV fee saver - 3.09%
- 10 Year Fixed 90% LTV with £995 fee - 3.09%
- 10 Year Fixed 90% LTV fee saver - 3.19%
Sarah Green, Head of Intermediaries at Virgin Money, said: “We recognise how challenging the last few months have been for all buyers, including those trying to get onto the property ladder."
“By offering longer term fixed rates along with the Home Buying Coach app, we are giving new borrowers an opportunity to lock their rate in for the medium to longer term, safe from immediate market fluctuations. The addition of the Home Buying Coach app means first time buyers also have the have information and guidance to help them take that first and important step onto the property ladder.”