Great news! We are expanding our Shared Ownership proposition to allow additional borrowing for existing customers when staircasing.
Here’s the lowdown
Existing customers who have a Virgin Money Shared Ownership mortgage are now able to purchase additional shares to increase their property ownership, which could help them towards owning their own home. This builds upon improvements already made to our Product Transfer range.
Getting into the detail
Our standard procuration fee will apply.
- The additional shares being purchased must be a minimum of 5% of the property value.
- We’ll need to know your customer’s current rental payment.
- Your customer will need to contact their housing association to gain permission for the application to go ahead and to receive the memorandum of sale.
- Customers can apply for additional borrowing alongside a Product Transfer.
For more information, please visit our A-Z lending policy.
How to apply
Simply call us on 0345 601 0680 with your customer’s application details. We’re here 9am to 5pm on Monday, Tuesday, Thursday and Friday, and 9.30am to 5pm on a Wednesday.
Any questions?
If you’ve got questions about this or any other updates to our lending criteria, your Business Development Manager will be happy to help.