Virgin Money has launched new build products and changed its new build mortgage lending policy, increasing its maximum loan-to-value on new build residential houses from 85% to 90%.
It also extended new build mortgage offers and extension of offers to seven months with an option to extend open offers for a further seven months where the construction of the property is not completed.
With a £995 fee and £300 cashback and 90% LTV, there’s a 2-year fixed rate at 2.19%, a 3-year fixed rate at 2.44% and a 5-year fixed rate at 2.85%.·
Existing products remain available for new build houses up to 85% LTV, and flats up to 75% LTV.
Stuart Bryce, national relationship manager at Build Loan, said: “It’s great to see that Virgin Money are constantly looking at ways to enhance their criteria and products in the new build sector.”
Andrew Asaam, director of mortgages at Virgin Money, said: “Our range of 90% LTV new build mortgages will provide a competitive option for clients considering a new build property.
“Following feedback from our new build intermediary partners and builders, we have also further enhanced our proposition to cater for clients that need extra flexibility.”