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Virgin Money announces details of its new 95% mortgage

Christina Hoghton
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Christina Hoghton

The 5% deposit mortgage is available under the government’s Mortgage Guarantee Scheme

Virgin Money has announced the details for its 95 per cent loan to value (LTV) product as part of the government’s Mortgage Guarantee Scheme.

The mortgages will be eligible for purchases and remortgages but cannot be used for capital raising.

Applications will be accepted on houses, flats or maisonettes with a maximum property value of £600,000. As with the rest of the mortgages under this scheme, new builds will not be permitted.

Properties must be in buildings with four storeys or fewer and must not be ex-local authority or ex-ministry of defence.

A maximum mortgage term of 30 years will be offered. Applicants must not have equity in any other properties.

Sarah Green, head of customer acquisition, group mortgages at Virgin Money, said: “Virgin Money are excited to announce our support for customers looking for low deposit mortgages.

“It’s encouraging to see that the government’s Mortgage Guarantee Scheme is off to a such a strong start and we are pleased to be offering a wide choice of products to new and next time buyers as well as remortgage customers.”