Mortgage Finance Gazette
Following a successful launch in London, the South West and South East, Virgin Money has extended its shared ownership proposition to the rest of England.
Virgin Money launch into the shared ownership sector last July and products are available through a limited number of intermediary partners.
Rates start at 1.94% for a two-year fix at 85% LTV with a product fee of £995 or 2.61% with no product fee. LTVs go up to 90% for both two and five year fixes and all products come with a £300 cashback.
For every shared ownership mortgage completed Virgin Money will donate £100 to Crisis, the national charity for homeless people.
Andrew Asaam, director of mortgages and life insurance at Virgin Money, commented: “The pilot launch has proved very successful and provides people with an affordable way to get onto the housing ladder.”
Jon Lord, managing director at Metro Finance, said: “Virgin Money extending its shared ownership proposition across England is fantastic news for the market.
“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.”
