Virgin Money has entered the custom build market with specialist distributor BuildLoan.
Custom build loans are available to all intermediaries who must go through BuildLoan.
Products are 3-year trackers at 4.79% to 80% loan-to-value and 4.99% to 85% LTV, both with a £1,995 product fee.
Peter Rogerson, Virgin Money’s director of mortgages said: “We are delighted to be the first mainstream lender to launch a custom build proposition, as we want to offer more choice in an underserved section of the market that has huge growth potential.”
At the same time the lender launched into shared ownership, for borrowers looking to purchase a share of a property between 25% and 75%.
Products include 2-year fixes at 1.84% to 85% LTV with a £995 product fee, 2.44% to 85% LTV with no fee and 3.69% to 90% LTV with no fee.
Also available are 5-year fixes at 2.34% to 85% LTV with a £995 product fee, 2.89% to 85% LTV with no product fee and 4.29% to 90% LTV with no product fee.
Virgin’s shared ownership mortgages come with £300 cashback.
Rogerson added: “Our new shared ownership range will support customers with a more affordable route into home ownership, giving people access to property who might otherwise be excluded.”