Virgin Money has expanded its shared ownership proposition across the rest of England following its successful launch in London, the South West and South East.
The shared ownership mortgage allows people to purchase an initial share of between 25% and 75% of a property, while paying an affordable rent on the remaining share usually owned by a housing association or registered provider.
The shared ownership scheme assists customers in achieving their home ownership goals with more manageable stages and a smaller deposit.
Virgin Money’s shared ownership products include:
Two-year shared ownership products:
- fixed rate at 85% LTV available at 1.94% (£995 product fee, £300 cashback)
- fixed rate at 85% LTV available at 2.61% (no product fee, £300 cashback)
- fixed rate at 90% LTV available at 3.39% (no product fee, £300 cashback)
- five-year shared ownership products:
- fixed rate at 85% LTV available at 2.49% (£995 product fee, £300 cashback)
- fixed rate at 85% LTV available at 2.79% (no product fee, £300 cashback)
- fixed rate at 90% LTV available at 4.29% (no product fee, £300 cashback)
“It is fantastic news that we have been able to extend our shared ownership proposition to the rest of England,” said Andrew Asaam, director of mortgages and life insurance at Virgin Money.
“The pilot launch has proved very successful and provides people with an affordable way to get on to the housing ladder.
“Virgin Money will also continue to make a donation to Crisis (a national charity for homeless people) for every shared ownership completion.”
Jon Lord, managing director at Metro Finance, said that it was fantastic news for the market that Virgin Money was extending its proposition.
“The widening of the scheme will provide greater support for the sector and housing associations as well as giving buyers more choice.
“Ultimately, this can only serve to encourage more building of shared ownership homes, meaning more people have a chance of getting a foot on the housing ladder in an affordable manner.”
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