The widening of Virgin Money’s shared ownership proposition also comes after the lender announced in February that it expects to enter the portfolio landlord market later this year.
Shared ownership allows consumers to buy an initial share of between 25% and 75% of a home, and pay rent on the remaining share owned by a housing association or registered provider.
The shared ownership products include:
- Two-year fixed rate at 85% loan-to-value (LTV) at 1.94%, with £995 product fee
- Two-year fixed rate at 85% LTV at 2.61%, with no product fee
- Two-year fixed rate at 90% LTV at 3.39%, with no product fee
- Five-year fixed rate at 85% LTV at 2.49%, with £995 product fee
- Five-year fixed rate at 85% LTV at 2.79%, with no product fee
- Five-year fixed rate at 90% LTV at 4.29%, with no product fee
Products are available through select intermediary partners, and all come with a £300 cashback option.
“It is fantastic news that we have been able to extend our shared ownership proposition to the rest of England,” said Andrew Asaam, director of mortgages and life insurance at Virgin Money.
“The pilot launch has proved very successful and provides people with an affordable way to get onto the housing ladder,” he continued.
Jon Lord, managing director at Metro Finance added: “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,” Lord continued.