Virgin Money has announced the criteria under which it will offer 95% loan to value products through the government’s mortgage guarantee scheme.

The high-street lender says it will offer these loans up to a maximum value of £600,000, for up to 30 years.

The loans will be for purchase or remortgage on houses, flats, and maisonettes.

The lender adds that flats and maisonettes must be in buildings of four storeys or fewer and must not be ex-local authority or ex-Ministry of Defence.

It will not accept applications for capital raising during a remortgage or for new build properties.

Applicants must not have an interest in another property, which must be verified by completing a mortgage guarantee scheme customer declaration.

Virgin Money head of customer acquisition, group mortgages says: “It’s encouraging to see that the government’s mortgage guarantee scheme is off to such a strong start and we are pleased to be offering a wide choice of products to new and next time buyers as well as remortgage customers.”

However, the lender, in a note sent to brokers on 4 May, did not give a launch date for these products, only saying “will be back in touch when they are available”.

It is also yet to provide rate information for these upcoming loans.

The lender says: “We issued a broker communication to make them aware they are on their way and what the lending criteria will be.”

Last month, several high-street lenders launched 95% mortgages designed to encourage first-time buyers, including Barclays, HSBC and Santander.

Chancellor Rishi Sunak confirmed the scheme as part of his 3 March Budget in a bid to turn “generation rent into generation buy”.

At the time, Sunak said large lenders such as Lloyds, NatWest, Santander, Barclays, and HSBC would offer the scheme in April, while others “including Virgin Money, will follow shortly”.