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 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.
To see all the first-time buyer deals currently available visit our first-time buyer chart.
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 Any products featured may be withdrawn by their provider or changed at any time.
This month will mark one year when the pandemic began impacting the UK economy, most notably with the Bank of England making two unexpected base rate cuts within weeks that resulted in base rate falling to a historic low of 0.1%
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This month will mark one year when the pandemic began impacting the UK economy, most notably with the Bank of England making two unexpected base rate cuts within weeks that resulted in base rate falling to a historic low of 0.1%
This month will mark one year when the pandemic began impacting the UK economy, most notably with the Bank of England making two unexpected base rate cuts within weeks that resulted in base rate falling to a historic low of 0.1%.
Those wanting to buy a UK holiday let as an investment or for their own use can benefit from a reduction on stamp duty tax. We compare the savings across the top UK destinations.
Those wanting to buy a UK holiday let as an investment or for their own use can benefit from a reduction on stamp duty tax. We compare the savings across the top UK destinations.
Although no official announcement has been made, there is the suggestion that the Government plans to extend the stamp duty holiday until the end of June
Although no official announcement has been made, there is the suggestion that the Government plans to extend the stamp duty holiday until the end of June
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