MortgagesApr 10 2018

Virgin launches range of new build mortgages

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Virgin launches range of new build mortgages

Virgin Money has launched a range of fixed-rate mortgages for new build homes.

The bank has increased the maximum loan-to-value on new build products to 90 per cent.

The new range will include a two-year fixed rate up to 90 per cent LTV at 2.19 per cent and three-year option at 2.44 per cent, both with a £995 product fee and £300 cashback. The rate on a five-year fixed deal is 2.85 per cent.

Andrew Montlake, director at adviser firm Coreco, said it’s good to see more lenders coming to the fore in this part of the market.

"This new range from Virgin Money helps to offer more choice to consumers with a good set of well-priced products and improved criteria.”

Virgin said its new build mortgage offers will be valid for seven months, with an option to extend for a further seven months if construction is not completed.

The revamped range came after feedback from builders and intermediaries that clients wanted more flexibility, according to the company.

Mr Montlake added: “There is much more to do, however, to try to reduce the reliance on government schemes such as Help to Buy, so that when this does eventually end we are not left with issues or forced to prolong the scheme longer than necessary.”

Andrew Asaam, director of mortgages at Virgin Money, said: “This range will provide a competitive option for clients considering a new build property.”