Source: Financial Reporter

Virgin Money has launched a brand new range of shared ownership mortgages to help people looking to get onto the property ladder.

Two-year fixed rate shared ownership products are available from 1.84% up to 85% Loan to Value with a £995 product fee. Fee-free rates are also available from 2.44% up to 85% LTV and 3.69% up to 90% LTV.

Five-year fixed rates start up to 85% LTV, and are available at 2.34% with a £995 product fee or 2.89% fee-free, rising to 4.29% at 90% LTV.

All shared ownership products also offer £300 cashback to purchasers – and a little extra cash is always helpful when nearing completion. This product will initially be only available through specialist partners for properties in London, the South East and the South West. The scheme will hopefully be rolled out nationwide later in the year, but this is dependent on uptake.

To further celebrate the product, Virgin Money will also donate £100 to Crisis, the national charity for homeless people, for every shared ownership mortgage completion.

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. 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, added:

“This Government is determined to make housing more affordable, increase housing supply and help more people get onto the housing ladder. Shared ownership plays 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 those wishing to buy through shared ownership.”

For further information on shared ownership properties available through Currell please visit our website or call 020 7704 5618 to speak to a member of the team.