The lender has also announced a series of rate reductions across its core mortgage ranges
Virgin Money has relaunched its 95% loan-to-value (LTV) shared ownership deals alongside a new 95% LTV two-year fixed rate at 3.79% with no fees.
New shared ownership products include two and five-year fixed rates, starting from 4.04%. Shared ownership deals are available up to a maximum term of 35 years and lending on flats over 80% LTV must be in buildings of no more than 10 storeys.
The lender has also announced a series of rate reductions across its exclusive and core mortgage ranges.
Across Virgin’s exclusive purchase range with £1,000 cashback, 85% LTV product rates have reduced to 2.40% and 2.70% for two and five-year fixes, respectively.
Highlights of the core range include a 95% LTV five-year fixed rate which has been reduced to 3.95%.
Selected 85% LTV fixed rates, including Greener options, have been reduced by up to 0.07%.
Help to Buy 75% LTV Fixed Rates, including Greener options, have been reduced by 0.16%, and selected buy-to-let rates have been reduced by up to 0.50%.
For product transfers, a 95% LTV shared ownership five-year fixed rate has declined to 4.14%, an 85% LTV two-year fix with a £995 fee has been reduced to 2.38%, and a 65% LTV five-year fixed rate fee-saver product is now available at 1.48%.
Virgin Money has also updated its lending criteria for contractors. Following recent IR35 rule changes, Virgin will accept contracts that fall within IR35 rules as well as contract income received via a payroll services (umbrella) company.
When a contractor is paid via an umbrella company, or falls inside IR35 and receives payslips, Virgin will require last two months’ payslips in addition to standard documentation. Any statutory employer costs – including employer NI contributions and Apprenticeship Levy – and any payroll service costs are deducted from gross pay before multiplying gross pay by 46 weeks.
