Virgin Money enhances new-build mortgage range

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Virgin Money enhances new-build mortgage range

Martin Greenland | 07:27 Wednesday 18th April 2018 | 9

Virgin Money has launched a range of new-build mortgage products and enhanced its new-build lending policy.

The announcement comes following feedback from Virgin Money's new-build intermediary partners and builders.

The range of residential new-build products include:

two-year fixed rate at 90% LTV at 2.19% (£995 product fee, £300 cashback)
three-year fixed rate at 90% LTV at 2.44% (£995 product fee, £300 cashback)
five-year fixed rate at 90% LTV at 2.85% (£995 product fee, £300 cashback)

New-build policy enhancements include:

the maximum LTV on new-build residential houses has increased from 85% to 90% LTV
new-build mortgage offers will now be valid for seven months, with an option to extend open offers for a further seven months, where the construction of the property is not completed.

Virgin Money's existing products remain available for new-build homes up to 85% LTV and flats up to 75% LTV.

“Our range of 90% LTV new-build mortgages will provide a competitive option for clients considering a new-build property,” said Andrew Asaam, director of mortgages at Virgin Money.

“Following feedback from our new-build intermediary partners and builders, we have also further enhanced our proposition to cater for clients that need extra flexibility.”