“The cost of the average home has gone up by nearly five per cent in the past 12 months while salaries increased by only two. Affordability is a long-term issue and ‘traditional’ ownership is becoming unrealistic for increasing numbers of people.
“Alternatives like shared ownership are now increasingly vital to meeting the UK’s housing needs and it’s incredibly exciting to see a major global brand like Virgin Money launch a product that will help more people get on the ladder.
“The work that’s gone into this product is a guideline for how creating a shared ownership mortgage should be approached. By teaming up with sector experts like us, Virgin have been able to leverage insight into the shared ownership market and feed this into the design. It’s proof that collaboration is essential to solving the UK’s housing crisis.”