MortgagesMay 25 2016

Virgin Money launches Help to Buy Scotland range

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Virgin Money launches Help to Buy Scotland range

Virgin Money has launched a new range of Help to Buy Equity Loan products to support Scotland’s Help to Buy scheme.

The products are available from today (25 May) at an 80 per cent loan-to-value.

The two-year fixed rate comes at 2.04 per cent, while the five-year fix is available at 2.79 per cent, both with a £995 product fee and £500 cashback.

A new ‘Stamp Duty Buster’ range has also been launched, with £2,500 cashback, designed to help cover the stamp duty, as well as other costs.

These products are a two-year fixed rate at 80 per cent loan-to-value (LTV) available in Scotland at 2.95 per cent and a five-year fixed rate, also at 80 per cent LTV in Scotland, at 3.65 per cent; both with a £995 product fee and £2,500 cashback.

Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “These new Help to Buy Equity Loan products demonstrate our support for people who want to realise their dream of owning their own home.”

Adviser View

Oliver Marley, mortgage researcher at Independent James, said it was nice to see such good pricing coming out on a Help-to-Buy scheme.

He said: “The Stamp Duty Buster products look particularly attractive – the rate may be higher but the loan size will typically be smaller for Scotland properties so the interest difference will be much less.

“You’ll find the £2,500 cashback will help out where clients are on a tight budget and would rather sacrifice interest and spread the cost over a monthly basis.”

peter.walker@ft.com