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30 August 2017

Virgin Money has launched their new Shared Ownership Mortgages.

Virgin Money has extended its support for the new build sector by launching a range of products to support borrowers for Shared Ownership properties.

Shared Ownership

Virgin Money has launched a brand new range of Shared Ownership
mortgages, which provide an affordable way for people to get a foot on the
property ladder. They can buy an initial share of between 25% and 75% of a
home, and pay an affordable rent on the remaining share owned by a housing
association. This helps customers achieve their home ownership aspirations in
more manageable stages and importantly they can do so with a smaller deposit.

New two-year Shared Ownership products:

·Fixed rate at 85% LTV available
at 1.84% (£995 product fee, £300 cashback)

·Fixed rate at 85% LTV
available at 2.44% (No product fee, £300 cashback)

·Fixed rate at 90% LTV
available at 3.69% (No product fee, £300 cashback)

New five-year Shared Ownership products:

·Fixed rate at 85% LTV
available at 2.34% (£995 product fee, £300 cashback)

·Fixed rate at 85% LTV
available at 2.84% (No product fee, £300 cashback)

·Fixed rate at 90% LTV
available at 4.29% (No product fee, £300 cashback)

Products will initially be available through specialist intermediary
partners including BuildLoan, Countrywide and Eversheds for properties in
London, the South East and the South West, with the intention to broaden
availability over time.

Charitable donation

As part of Virgin Money’s ambition to make everyone better off, it will
donate £100 to Crisis, the national charity for homeless people, for every
Custom Build and Shared Ownership mortgage completion. Virgin Money’s partners
BuildLoan, Countrywide and Eversheds will also make additional donations for
every Custom Build completion through Virgin Money, taking the total donation
to £150 per loan.

Peter Rogerson, Virgin Money’s Director of Mortgages said: "Virgin Money is committed to getting Britain building and helping
more people achieve their dream of home ownership. We are delighted to be the
first mainstream lender to launch a Custom Build proposition, as we want to
offer more choice in an undeserved section of the market that has huge growth
potential. 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."

Alok Sharma, Housing and Planning Minister said: "This Government is determined to make housing more affordable,
increase housing supply and help more people get onto the housing ladder.
Shared Ownership and custom build housing can play a crucial role in this,
helping to deliver the homes people want and supporting first time buyers. That
is why it’s great to see Virgin Money launching a new range of mortgage
products to support aspiring custom builders design their dream home and those
wishing to buy through Shared Ownership."

“We’ve already helped hundreds of thousands of people become homeowners
through government-backed schemes and want even more people to benefit in the
future.”

https://uk.virginmoney.com/virgin/mortgages/shared-ownership/

https://www.virgin.com/news/virgin-money-launches-new-mortgages-help-home-buyers

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