First-time Buyers

Virgin Money extends shared ownership criteria

Christina Hoghton
Written By:
Christina Hoghton

The lender has increased its maximum borrowing to 95% of the property’s value

Virgin Money has extended its shared ownership criteria with a higher loan to value (LTV) and into Wales.

The lender has increased its shared ownership LTV from 90 per cent to 95 per cent of the share purchased, available on flats and houses and including new builds.

It is offering 95 per cent LTV rates across two-, three- and five-year fixed terms, starting from 3.49 per cent with £300 cashback and no product fee.

It has extended the shared ownership proposition into Wales additional to its current availability in England.

As well, Virgin Money has increased its maximum LTV on properties valued between £500,000 and £750,000 to 85 per cent from 80 per cent.

Andrew Asaam, director of mortgages at Virgin Money, said: “We are confident that these enhancements will be very well received and demonstrate our continued commitment to all aspects of the mortgage market.”