90% ltv’s for first time buyers
We are delighted to announce that we will launch 7 and 10 year fixed rate products up to 90% LTV, exclusively for first time buyers.
Our 90% LTV products will be available to first time buyers from Wednesday 26 August, subject to the following criteria:
- Maximum purchase price of £400,000
- Maximum term of 25 years
- Not available for the purchase of flats, maisonettes or new builds
We define first time buyers as customers who have never previously held a mortgage. For a joint first time buyer application, neither customer will have been party to a mortgage.
We define new build as a property where construction was completed and/or the property was first occupied in the last 24 calendar months. Please ensure your client meets all these criteria before submitting an application.
Summary of deals
- 90% LTV 7 year fixed rate with £995 fee at 2.99%
- 90% LTV 7 year fixed rate fee-saver at 3.09%
- 90% LTV 10 year fixed rate with £995 fee at 3.09%
- 90% LTV 10 year fixed rate fee-saver at 3.19%
These new products come with a fee valuation, flexible features and are portable.
As communicated on Monday, we will also make the following changes:
- Selected 65% LTV fixed rates will increase by up to 0.08%
- Selected 75% LTV fixed rates will increase by up to 0.29%
- Selected BTL fixed rates will increase by up to 0.12%
- Product transfer rates at 90% LTV will increase by up to 0.24%
Our new range of 90% LTV products have limited availability and may be withdrawn at any time, without our usual notice.
End dates will move to 1 January of the relevant year.
We are working hard to support you and your clients with additional product options during exceptionally busy times for the market. Therefore, we are sure you will understand that our turnaround times may not be in line with the levels that you are used to receiving.
As a result, we have made the call to pause our 10-day Application to Offer Service Commitment for intermediary mortgage applications across both Virgin Money and Clydesdale Bank for applications received from Wednesday 26 August 2020.
We remain committed to getting offers to your customers as soon as we can. Please speak to your dedicated Business Development Manager if you have any queries.
For full details of our current range, please view our Mortgage Update. For any other queries please talk to your dedicated Business Development Manager or contact your dedicated Regional Service Team.