Virgin Money has launched an innovative ‘Stamp Duty buster’ mortgage as part of its Help To Buy Equity Loan range, to assist first and next time buyers with all of the costs associated with buying a new build home.
The ‘Stamp Duty buster’ is designed to assist those purchasing their new homes through the HTB Equity Loan Scheme and the help will come in the form of a £3,000 cashback payment. The cashback is designed to cover items such as Stamp Duty, legal fees and valuation costs, based upon the average house purchase price within the HTB Equity Loan scheme to date. Current market data provided by the Council of Mortgage Lenders indicates that around two-thirds of HTB Equity Loan completions to date have been for properties between £125,000 and £250,000, with an average of £200,000.
The new products are a three year fixed rate at 3.69% with a £995 product fee and for customers who wish to fix their mortgage rate for a longer period Virgin Money is offering a five year fixed rate at 3.99% with a £995 product fee. These products are available on properties with a price between £125,000 and £250,000.
Courtesy of Financial Adviser