A spokesperson for Virgin Cash advised Categorical.co.uk: “Following a robust improve in demand, we’ve got briefly withdrawn our 90 p.c LTV buy, remortgage and new construct merchandise with the intention to defend our service to current prospects and purposes.
“We proceed to help prospects with small deposits with our different merchandise, and we hope to be again within the 90 p.c LTV market quickly.”
Virgin additionally highlighted the 90 p.c merchandise will nonetheless be accessible for current prospects seeking to do a product swap.
HSBC is now the one excessive avenue financial institution which is at the moment providing 90 p.c offers to prospects.
This has considerably, albeit briefly, narrowed the marketplace for patrons buying by way of this product methodology.
The property market seems to nonetheless be recovering from the hit it took on account of the COVID-19 disaster.
Many loans had been pulled from the market as early as March, when lockdown measures had been first launched.
In mid-Could the federal government set out plans to restart the housing market in England, with property brokers permitted to reopen, and viewings allowed to happen.
Nonetheless, there’s a new regular which should be adjusted to, as these measures are solely allowed if strict social distancing and security guidelines are adhered to.
Talking of the choice to reopen the market, housing secretary Robert Jenrick stated: “Our clear plan will allow folks to maneuver dwelling safely, protecting every facet of the gross sales and letting course of, from viewings to removals.
“This vital business can now safely transfer ahead, and people ready patiently to maneuver can now achieve this.”
It’s, nevertheless, essential to notice that the property markets in Wales, Northern Eire and Scotland nonetheless stay closed.
Whereas frustration seems to construct, the respective devolved governments are usually not on board with the concept of reopening the markets at current.