Virgin Money has temporarily withdrawn 95 per cent loan to value (LTV) and Help to Buy fixed rate deals for new borrowers.
Mortgages at 95 per cent LTV will still be available to existing borrowers switching rate, and Help to Buy product transfers will see rate increases of up to 0.15 per cent.
The product changes will be made from 8pm today and the lender has asked brokers to send applications on behalf of their clients as soon as possible to secure rates.
A spokesperson for Virgin Money said: “We’ve made the decision to temporarily withdraw our 95 per cent LTV range for new customers as we review our homebuyer proposition and monitor market conditions.
“Our 95 per cent LTV range remains available to existing customers for product transfer.”
Virgin Money did not specify which market conditions led to this decision when asked by Mortgage Solutions.
Profits on the rise
In its latest update, Virgin Money reported a 40 per cent annual increase in profits to £595m in the year to 30 September 2022. It attributed this to rising interest rates and said over the year, it had prioritised margin over volume.
This echoed the sentiment of its Q4 2021 results, when the bank said it would be more selective in its lending.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
