UTB will accept off-plan purchases and a maximum 5% new build incentive.

Mobeen Akram, new homes director at Mortgage Advice Bureau, explores why the new homes market is showing positive signs for 2024.

The product uses the completion incentive budget offered by the housebuilder to enable Virgin Money to provide a lower interest rate mortgage.

The changes will increase the mortgage borrowers could access by up to £13,000.