Retail banking

Virgin Money launches new 95 percent mortgages under Mortgage Guarantee Scheme

Virgin Money launches three new 95% loan-to-value (LTV) residential mortgages as part of the Government’s Mortgage Guarantee Scheme.

The mortgages, which are available both directly with Virgin Money and via brokers, include £500 cashback for first time buyers and £300 for next time buyers.

New Residential Rates

  • 5 Year 95% LTV fixed rate with no fee at 3.99%
  • 10 Year 95% LTV fixed rate with no fee at 4.19%
  • 15 Year 95% LTV fixed rate with no fee at 4.39%

Virgin Money’s range of mortgages up to 95% LTV will be available for purchase and remortgage customers for properties up to £600k, for a maximum of 30 years and for houses, flats and maisonettes. The 95% LTV range also offers free valuation and free legal work for remortgage customers.

Sarah Green, Head of Customer Acquisition, Group Mortgages at Virgin Money said: ”The Mortgage Guarantee Scheme addresses an important consumer need and Virgin Money’s participation in the scheme demonstrates our commitment to the UK housing market. We want to continue to build our support for people’s home ownership ambitions, including those with smaller deposits.”

The products won’t be available for customers looking to capital raise during a remortgage or for new build properties. Flats and maisonettes must be in buildings with four storeys or fewer and must not be ex-local authority or ex-MOD.