There is a two and five-year fixed option for borrowers with a five per cent deposit using shared ownership priced at 4.04 and 4.14 per cent respectively. 

Its shared ownership deals are available up to a maximum term of 35 years. Lending on flats over 80 per cent LTV must be in buildings of no more than 10 storeys. 

The new 95 per cent LTV standard mortgage is a two-year fixed fee-free product, with a rate of 3.79 per cent. 

These products are available from today. 

Sponsored

Shawbrook is the specialist mortgage sector’s ‘best kept secret’ – Sard

Sponsored by Shawbrook Bank

Virgin Money has reduced rates across its range too. 

The two-year fixed product at 85 per cent LTV with a £995 fee has been reduced to 2.4 per cent, while the five-year fixed alternative has been cut to 2.7 per cent – reductions of four and nine basis points respectively. 

The bank has also cut buy-to-let rates by as much as 50 basis points. 

Within its product transfers, the 85 per cent LTV two-year fixed product with a £995 fee has been reduced to 2.38 per cent and the five-year fixed fee-free product at 65 per cent LTV has been cut to 1.48 per cent. 

 

Contractor criteria 

Virgin Money has also amended its criteria for contractors in light of IR35 rule changes. 

The bank will accept contracts that fall within the IR35 rules as well as contract income received through a payroll services or umbrella company. 

For contractors paid through an umbrella company or those who fall within IR35 and receive payslips, Virgin Money will require the last two months’ payslips as well as standard documentation. 

And statutory employer costs, such as NI contributions and apprenticeship levy, will be deducted from an applicant’s gross pay before it is multiplied by 46 weeks to calculate affordability.