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Virgin Money offers Help to Buy mortgages

Virgin is the fourth lender to launch Help to Buy mortgage guarantee loans, but its prices are unlikely to impress.

Virgin Money has launched a range of Help to Buy mortgage deals - but at uninspiring rates.

The lender has launched a two-year fix at 5.29pc for borrowers with a 5pc deposit, and a three-year fix at 5.39pc. For customers who wish to fix their mortgage rate for five years, Virgin Money is offering a deal priced at 5.49pc

The lender has also launched Help to Buy mortgages for borrowers with a 10pc deposit. A two-year fix is priced at 4.29pc, a three-year deal costs 4.69pc and a five-year fix is priced at 4.89pc.

While the rates are not very competitive, none of the mortgages in the range have product fees and customers purchasing a house are eligible to claim £300 cashback as a contribution towards legal fees, valuation fees or the general cost of moving home.

There are currently only three other lenders with Help to Buy mortgage guarantee products – Royal Bank of Scotland, Lloyds Banking Group and HSBC.

RBS, through NatWest, offers a two-year fix for 4.99pc and a five-year fix for 5.49pc, with no product fees.

Lloyds offers a two-year fixed rate at 5.19pc with a £995 fee through Halifax and Bank of Scotland.

HSBC offers a two-year fix for 4.79pc and a five-year fix for 4.99pc under the second phase of the scheme. Both have a £99 booking fee and are available up to 95pc loan to value. It requires all borrowers to have a minimum deposit of £10,000, which it said is to “safeguard customers” in the event of future house price fluctuations.

Challenger bank Aldermore is expected to unveil its Help to Buy mortgage guarantee range this week.

Anthony Mooney, director of financial services at Virgin Money, said: “Joining the Help to Buy mortgage guarantee scheme today, several weeks ahead of our original plans, further strengthens our commitment to consumers in this under-served part of the market."

Since the early launch of the second phase of Help to Buy in October, a number of lenders have returned to the 95pc LTV space including Clydesdale and Yorkshire Banks and Yorkshire Building Society. Their mortgage deals are not part of the Help to Buy scheme but many are more competitively priced.

Source:  Telegraph

Sam: 9th Dec 2013 16:46:00

 

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