The mortgages will be eligible for purchases and remortgages but cannot be used for capital raising.
It will be accepted on houses, flats or maisonettes with a maximum property value of £600,000. As with the rest of the mortgages under this scheme, new builds will not be permitted.
Properties must be in buildings with four storeys or fewer and must not be ex-local authority or ex-ministry of defence.
A maximum mortgage term of 30 years will be offered. Applicants must not have equity in any other properties.
Sarah Green, head of customer acquisition, group mortgages at Virgin Money, said: “Virgin Money are excited to announce our support for customers looking for low deposit mortgages.
“It’s encouraging to see that the government’s mortgage guarantee scheme is off to a such a strong start and we are pleased to be offering a wide choice of products to new and next time buyers as well as remortgage customers.”
