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Virgin returns to 90 per cent LTV for first-timers and raises rates

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  • 25/08/2020
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Virgin returns to 90 per cent LTV for first-timers and raises rates
Virgin Money is launching 90 per cent loan to value (LTV) mortgages with seven- and 10-year fixes for first-time buyers as it also raises rates across existing high LTV products.

 

The seven-year fix with a £995 fee has a rate of 2.99 per cent while the fee-free option is 3.09 per cent.

The 10-year fixed £995 fee paying deal has a rate of 3.09 per cent and the fee-free equivalent is 3.19 per cent. 

The mortgages coincide with the lender’s Home Buying Coach app, released last week, which aims to guide first-time buyers through the purchasing process.

Sarah Green, head of intermediaries at Virgin Money, said: “We recognise how challenging the last few months have been for all buyers, including those trying to get onto the property ladder.

“By offering longer term fixed rates along with the Home Buying Coach app, we are giving new borrowers an opportunity to lock their rate in for the medium to longer term, safe from immediate market fluctuations.

“The addition of the Home Buying Coach app means first-time buyers also have the have information and guidance to help them take that first and important step onto the property ladder.”

 

High LTV rate increases

Elsewhere, the lender is raising rates by as much as 29 basis points from tonight on the core range products at 85 per cent LTV.

Product transfers at 90 per cent LTV will increase by up to 0.24 basis points and select 65 per cent LTV deals will edge up by 0.05 points. Some buy-to-let deals will also increase by up to 0.12 points.

End dates will be extended to January 1.

 

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