Virgin unveils Stamp Duty Buster Help to Buy range

Sarah Davidson

August 8, 2014

The cashback is not only designed to cover Stamp Duty but also legal fees and valuation costs.

The products are a 3-year fix at 3.69% with a £995 product fee and a 5-year fix at 3.99% with a £995 fee. Both deals apply to properties priced between £125,000 and £250,000.

The mortgages are intended to cater for the average buyer using the scheme, as according to the Council of Mortgage Lenders two-third of Help to Buy equity loan completions have on homes valued between £125,000 and £250,000, with the average being £200,000.

Anthony Mooney, director of financial services at Virgin Money, said: “We believe that our ‘Stamp Duty Buster’ is an innovative concept and that it will prove particularly attractive to first-time buyers who make up 85% of all Equity Loan completions to date, within the Help to Buy equity loan scheme.

“Virgin Money continues to support first-time and next-time buyers who all form an important part of a healthy and vibrant mortgage market.”

The remainder of the Help to Buy equity loan range remains unchanged, with products being available for properties up to £600,000 with £800 cashback.

Using the scheme the customer can buy a new build home with a 5% deposit, with the government loaning up to 20% of the property value and the mortgage making up the remaining 75%.

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