New High Street Lender Offers Shared Ownership Mortgages

Virgin Money, which has more than four million customers following its acquisition of part of the stricken Northern Rock chain in 2012, has announced the launch of the product. Currently, only a minority of high street lenders offer mortgages on shared ownership products, which has been seen as a potential barrier to the development of the tenure despite political backing. The new shared ownership mortgages from Virgin are offered at 85% and 90% loan-to-value and will initially be available through specialist intermediary partners for properties in London, the South East and the South West, with the intention to broaden availability over time. Read more on Inside Housing.