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Virgin Money Unveils New Residential Deals to Boost Homeownership
Virgin Money is set to launch a suite of exclusive residential mortgage options aimed at facilitating home purchases and remortgaging. Starting tomorrow (January 21), the high street bank will roll out attractive offerings such as 80% loan-to-value (LTV) two-year fixed-rate loans starting at 4.69% with a fee, and various fee-saver options that do not require upfront payments, designed to ease the financial burden on potential homeowners.
Changes in Retirement Mortgage Policies: What You Need to Know
In a move aimed at supporting borrowers nearing retirement, Virgin Money and Clydesdale Bank are updating their lending policies. These adjustments include considering a customer's 71st birthday or their retirement age, whichever comes first, significantly impacting how affordability is assessed for mortgages that extend into retirement. Customers approaching retirement can expect a realistic appraisal of their income, factoring in pension contributions for those more than ten years away from retiring, while current income or retirement income will be evaluated for those nearing retirement.
Gen H Joins the Landscape of Competitive Mortgage Rates
In conjunction with Virgin Money’s offerings, Gen H has announced a substantial reduction in its fixed-rate mortgages, slashing rates by up to 20 basis points across new business ranges. Specializing in complex customer circumstances, Gen H is inclined towards providing flexible underwriting, eliminating barriers for borrowers who may face challenges in securing mortgages.
Implications for Property Owners and Investors
The recent changes in mortgage offerings by both Virgin Money and Gen H herald a noteworthy shift in the UK property market. With more accessible financing options, property owners and investors can strategically leverage these products to enhance their investment portfolios. By tapping into favorable rates and loan structures, owners can maximize their real estate investments, while new buyers may find their entry into the housing market significantly eased.
The Future of Mortgage Lending in the UK
As competition among lenders intensifies, it is crucial for borrowers to remain informed about market shifts. The new terms from Virgin Money and Gen H reflect broader trends towards customization in mortgage products, suggesting a continued evolution in the landscape of mortgage lending that accommodates diverse consumer needs. Prospective homeowners and investors must stay alert to evolving offerings to seize beneficial opportunities in the market.
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