Mortgages  

Virgin Money cuts rates on Help to Buy mortgages

Virgin Money cuts rates on Help to Buy mortgages

Virgin Money is reducing the rates on a number of products across its Help to Buy equity loan and residential mortgage ranges.

These include equity loan rates, which have been reduced by up to 0.21 per cent, and two-year fixed rate equity loan products, now available from 1.84 per cent.

In addition, the previous maximum loan size of £187,500 applicable to Help to Buy equity loan Stamp Duty Buster products has been removed.

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Peter Rogerson, Virgin Money’s commercial director for mortgages said: “The Help to Buy equity loan scheme provides welcome support for first time buyers and home movers buying new build property, and we’re delighted to continue our support for the scheme with these latest improvements to our product range.”

The Help to Buy products include a new two-year fixed rate at 1.84 per cent with a £995 product fee.

There is also a two-year fixed rate, with £500 cashback reduced by 0.10 per cent to 1.94 per cent, with a £995 product fee, and a two-year fixed rate, with £500 cashback and no product fee, reduced by 0.21 per cent to 2.38 per cent.

A five-year fixed rate product is available with £500 cashback, reduced by 0.08 per cent to 2.60 per cent, with a £995 product fee.

All Help to Buy equity loan products are available up to 75 per cent loan-to-value.

On its residential range, Virgin has a two-year fixed rate at 75 per cent LTV, reduced to 2.38 per cent, and a two-year tracker at 75 per cent LTV, reduced to 2.38 per cent, both with no product fee.

Adviser view

Matthew Harris, director of Edinburgh-based Harris Independent Financial Advice, said: “We do use Virgin Money – they have attractive rates – but we don’t use the equity loan scheme, we use the mortgage guarantee.”