Virgin launches Help to Buy for Londoners
Products in the lender’s range for Londoners are a two-year and five-year fixed rate mortgage available at 55% loan-to-value.
For the two-year fix, customers will pay a rate of 1.78%, while the five-year deal attracts a rate of 2.40%. Both come with a £995 fee and £500 cashback.
The products are available through the government’s Help to Buy London scheme. It works in the same way as the Help to Buy: equity loan scheme, but offers a 40% equity loan for borrowers buying a property within Greater London, instead of the 20% available throughout the rest of the UK.
First-time buyers or homemovers can take a loan out on a new-build property worth a maximum of £600,000 under the scheme.
See YourMoney.com’s How can Help to Buy help you? guide for more information on the four schemes available to help you get on the property ladder.
Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “London’s Help to Buy scheme is incredibly important for those who want to realise their dream of owning their own home in London. Our new products have been designed specifically to support the London scheme and we look forward to working with our intermediary partners in the capital.”