Virgin removes £30k income threshold on Help to Buy equity loan and opens scheme to Scotland and Wales
The Help to Buy scheme allows a customer to buy a new-build home with a 5% deposit, with the government loaning up to 20% of the property value, with a mortgage loan making up the remaining 75%. The equity loan is fee-free for the first five years.
The range on offer includes a:
• Two year fixed rate at 2.85% at 75% LTV with a £995 product fee
• Two year fixed rate at 3.35% at 75% with no product fee
• Five year fixed rates at 3.79% at 75% LTV with a £995 product fee
• Five year fixed rate at 3.90% at 75% LTV with no product fee.
The mortgages range is offered with an £800 cashback which customers can use to help with legal fees, valuation fees, or the general cost of moving home.
All products are available through Virgin Money’s key new-build intermediary partners.
The lender is also ready to start accepting applications from the Welsh Government’s Equity Loan scheme and in Scotland where an Authority to Proceed (ATP) has already been obtained.
Anthony Mooney, director of financial service said: “This will play an important part in helping people to get their feet onto the first rung of the housing ladder. Virgin Money is committed to responsible lending in all segments of the mortgage market and this latest change to our mortgage policy demonstrates exactly that.”