Virgin Money today has launched three 95% loan-to-value (LTV) residential mortgages as part of the government’s Mortgage Guarantee Scheme.
The mortgages, which are available both directly with Virgin Money and via brokers, include £500 cashback for first-time buyers and £300 for next time buyers.
The products are a 95% LTV 5-year fix at 3.99%, a 95% LTV 10-year fix at 4.19% and a 95% LTV 15-year fix at 4.39%; all three deals are fee free.
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Virgin Money’s range of mortgages up to 95% LTV will be available for purchase and remortgage customers for properties up to £600,000, for a maximum of 30 years and for houses, flats and maisonettes.
The 95% LTV range also offers free valuation and free legal work for remortgage customers.
The products will not be available for customers looking to capital raise during a remortgage or for new build properties.
Flats and maisonettes must be in buildings with four storeys or fewer and must not be ex-local authority or ex-MOD.
Sarah Green, head of customer acquisition, group mortgages at Virgin Money said: “The Mortgage Guarantee Scheme addresses an important consumer need and Virgin Money’s participation in the scheme demonstrates our commitment to the UK housing market.
“We want to continue to build our support for people’s home ownership ambitions, including those with smaller deposits.”