Virgin Money has relaunched its 95% LTV co-ownership agreements alongside a new fixed rate of 95% two-year LTV at 3.79% free of charge.
The new condominium products include fixed rates over two and five years, starting at 4.04%. Condominium agreements are available up to a maximum term of 35 years and loans on apartments over 80% LTV must be in buildings with a maximum of 10 floors.
The lender also announced a series of rate cuts on its exclusive and core mortgage lines.
Across Virgin’s exclusive shopping lineup with Â£ 1,000 cash back, LTV product rates of 85% have been reduced to 2.40% and 2.70% for patches two and five years, respectively.
Highlights of the base line include a five-year tened LTV rate of 95% which has been reduced to 3.95%.
Some fixed 85% LTV rates, including greener options, have been reduced by as much as 0.07%.
Purchase Assistance Fixed LTV rates of 75%, including greener options, have been reduced by 0.16% and selected rental purchase rates have been reduced by up to 0.50%.
For product transfers a fixed rate of 95% five-year LTV in shared ownership has fallen to 4.14%, a fixed rate of 85% two-year LTV with a fee of Â£ 995 has been reduced to 2 , 38% and a fixed rate of 65% LTV over five years. The rate fee saver product is now available at 1.48%.
Virgin Money has also updated its loan criteria for entrepreneurs. As a result of recent changes to the IR35 rules, Virgin will accept contracts that fall under IR35 rules as well as contract income received through a payroll service company (umbrella).
When a contractor is paid through an umbrella company or falls into IR35 and receives payslips, Virgin will require payslips for the past two months in addition to the standard documentation. All statutory employer costs (including employer EI premiums and apprenticeship tax) and all payroll service charges are deducted from gross pay before we multiply gross pay by 46 weeks .