Virgin Money has become the fourth lender to sign up to the second stage of Help to Buy.

The lender has joined the scheme earlier than it said it would originally, and the loan-to-value (LTV) mortgages are available with immediate effect.

Mortgages are being offered at two, three and five-year fixed rates, at 90 and 95 per cent LTV. The 90 per cent LTV mortgages are available at 4.29, 4.69 and 4.89 per cent respectively, and the 95 per cent LTV mortgages are being offered at 5.29, 5.39 and 5.49 per cent respectively.  

None of these new mortgages have a product fee, and customers are entitled to claim £300 cashback as a contribution towards legal fees, valuation fees or the overall general cost of moving home.

Anthony Mooney, director of financial services at Virgin Money, said that this move was part of the company lending its support for people moving house.

“Joining the Help to Buy mortgage guarantee scheme today, several weeks ahead of our original plans, further strengthens our commitment to consumers in this under-served part of the market,” he added.