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Virgin Money and Clydesdale withdraw host of 85 per cent LTV mortgages

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  • 29/07/2020
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Virgin Money and Clydesdale withdraw host of 85 per cent LTV mortgages
Virgin Money and Clydesdale have taken a number of 85 per cent loan to value (LTV) mortgages off the market, further limiting choice for borrowers with small deposits.

 

Clydesdale is removing five two-year fixed rates at 85 per cent LTV, as well as a five-year fix.

The deals withdrawn include those tailored for professionals and newly-qualified professionals.

Part of the same group, Virgin Money has also withdrawn select two-year deals but will still be offering five-year fixes.

The group said the move had been made to protect service levels.

A spokesperson for Virgin Money said: “We’ve temporarily withdrawn some of our 85 per cent LTV purchase products for new customers to protect our service to existing customers and applications.

“We are still offering 85 per cent LTV five-year fixed products to help support new and existing customers with small deposits and hope to be able to offer a wider range of lower deposit mortgages for new customers soon.”

It comes after a number of high street lenders this week raised mortgage rates for borrowers with low deposits.

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