Virgin Money is set to enter the government’s Mortgage Guarantee Scheme with a range of mortgages up to 95% loan-to-value (LTV).
The products will be available for purchase and remortgage customers and available on properties up to £600k, for a maximum of 30 years and for houses, flats and maisonettes.
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.”
To qualify for the Scheme, applicants must not have an interest in another property and this must be verified by completing a Mortgage Guarantee Scheme Customer Declaration.
The products won’t be available for customers looking to capital raise during a remortgage or for new build properties.
Flats and maisonettes must be in buildings with four storeys or fewer and must not be ex-local authority or ex-MOD.