Virgin Money Launches First-Time Buyer Deals | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 26/08/2020

There was good news for first-time buyers today, as Virgin Money has re-entered the first-time buyer mortgage market.

Virgin Money has launched products on seven and 10-year fixed terms at 90% loan-to-value, which are available to first-time buyers. These deals are:

All these deals are available direct or through a mortgage broker.

These long-term mortgage deals have been launched on the same day that Virgin Money launched its Home Buyer Coaching, an app designed to help first-time buyers through the mortgage process. Commenting on these launches, Sarah Green, head of intermediaries at Virgin Money, said: “We recognise how challenging the last few months have been for all buyers, including those trying to get onto the property ladder.

“By offering longer term fixed rates along with the Home Buying Coach app, we are giving new borrowers an opportunity to lock their rate in for the medium to longer-term, safe from immediate market fluctuations. The addition of the Home Buying Coach app means first-time buyers also have the information and guidance to help them take that first and important step onto the property ladder.”

First-time buyer mortgage market

First-time buyers have faced a difficult mortgage market since March, when the Coronavirus pandemic began impacting the UK economy and many mortgage lenders began withdrawing high LTV deals from the market in response. In fact, in July we reported that in just one month, first-time buyers with a 10% deposit saw the number of deals available more than halve.

Towards the end of last month, there were some signs that the market was starting to recover, as Nationwide began lending at 90% LTV again. Although Virgin Money seems to be cautiously re-entering the first-time buyer market, today’s announcement is a further sign that the market may be starting to slowly recover.

First-time buyer deals

To see all the first-time buyer deals currently available visit our first-time buyer chart.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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