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.
