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New 15-year fixed rates launched by Virgin Money

Written by: Shekina Tuahene
The mortgages are available to borrowers with just a five per cent deposit
New 15-year fixed rates launched by Virgin Money

Virgin Money has launched its 95 per cent products as part of the government’s mortgage guarantee scheme, with rates fixed for as long as 15 years.

For borrowers with five per cent upfront, there is a five-year fixed with a rate of 3.99 per cent, a 10-year fixed priced at 4.19 per cent and a 15-year fixed priced at 4.39 per cent.

All products have no fee and come with £300 cashback for purchases or £500 for first-time buyers. Remortgagors benefit from free valuation and free legals on remortgages.

The products are also portable to a new property.

The deals are available on properties with a maximum value of £600,000 and for a maximum term of 30 years. They are eligible on houses, flats and maisonettes.

Virgin warned the products could be withdrawn at a short notice.

The lender also changed criteria on its products at 90 per cent LTV.

The maximum term has increased from 30 to 35 years and the maximum property value has also been lifted from £500,000 to £600,000.

It now also accepts flats and maisonettes but they must be in buildings shorter than four storeys and must not be ex-local authority or Ministry of Defence.

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.”

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