Mortgage News
Virgin Money brings out 90 per cent LTV products
Virgin Money has added a broker exclusive two-year fixed rate and three-year fixed rate at 90 per cent LTV to its range.
The lender said it was bringing back the exclusive two-year fixed rate from tomorrow. It was initially launched in February and withdrawn in May.
The product has a rate of 1.99 per cent and comes with £1,000 cashback.
It has also introduced a three-year fixed rate with the same rate and a £995 fee.
According to its intermediary website, there are 17 products at the 90 per cent LTV tier, which includes purchase and remortgage, shared ownership, green shared ownership, product transfer and tracker products.
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Lenders pulled back from higher LTV lending during the pandemic as it was perceived as a greater risk.
Since then, lenders have re-entered the space, with 90 per cent LTV products rising from 62 in September to 579 this month.
Virgin Money came back into the 90 per cent LTV space in December with a five-year fixed rate and continued to add options to its range throughout the year.
Earlier this year the lender announced that it had broadened the eligibility of its 90 per cent LTV mortgages to movers and remortgagors.