Virgin Money Mortgages
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If you’re seeking a new mortgage, it could be worth considering Virgin Money. Perhaps you are already an existing customer and deciding whether to stay with Virgin Money or move on. Continue reading to find out more information of one the Best Mortgage Lenders in the UK. Following this get in contact with our team so they can help determine if Virgin Money is the right choice for your needs.
About Virgin Money
Established in 1995, Virgin Money is a UK-based financial services company offering an array of products such as mortgages, credit cards, and insurance that accommodate the needs of its customers.
Not only does Virgin Money provide fixed and tracker rate mortgages, but they have also collaborated with several business partners to offer purchase-to-let mortgages.
Virgin Money’s mortgages are accessible to numerous people, though those with adverse credit ratings may have difficulty receiving approval. Mortgage rates from the company depend on mortgage size, loan-to-value ratio, product costs, and various other elements.
Compare Mortgages Virgin Money
Virgin Money’s mortgage options can help you take the next step in your life, whether you’re a first-time buyer, remortgaging, or buying to let. With a wide selection of mortgages available and tailored advice from their experts, they make sure that finding the right option for you is easy.
Fixed-rate Mortgages
Virgin Money’s fixed-rate mortgages come with fixed interest rates for the first 2-10 years of the mortgage term. This means you will have a consistent payment for the term of the fixed rate and the rate won’t change if the Bank of England base rate rises, so you won’t have to worry about any sudden price hikes.
Tracker Rate Mortgages
The interest rate on a tracker mortgage is set at a certain percentage above the Bank of England base rate (or an equivalent rate). This means the amount you pay each month could go up if interest rates rise.
Buy-to-let mortgages
With Virgin Money, you have the opportunity to purchase buy-to-let mortgages from their select partners. Fixed rates and tracker mortgage options are offered as standard buy-to-let mortgages, let-to-buy mortgages for those wanting to rent out an existing property after a move, or portfolio landlord mortgages which cater to those with four or more properties in their possession.
Loan to value ratio
The loan-to-value ratio is the ratio of what you borrow from the lender against how much you pay as a deposit. So, with an 80% loan-to-value (LTV) mortgage, for example, you would borrow 80% of the overall cost of the property and pay a 20% deposit upfront.
Virgin Money offers mortgages up to 95% LTV, which means you only need to pay a 5% deposit. However, 95% LTV mortgages can be attractive to more aspiring homeowners desperate to get on the housing ladder as they are typically the most expensive mortgage option as come with higher interest rates.
Remortgaging with Virgin Money
Our expert remortgage advisors have written a very helpful guide on the process of Virgin Money Remortgage.
Find the best deals on mortgage rates
Virgin Money offers some attractive mortgage deals, but as there are over 90 lenders on the mortgage market, including both mainstream and specialist lenders, there may be better mortgage deals available elsewhere.
A mortgage broker can be your secret weapon in obtaining the most cost-effective mortgage. By comparing competing deals, we’ll help you find Virgin Money mortgages with the lowest rates around – allowing you to save money while getting a great deal! Let us take care of all the hard work for you so that applying for the right mortgage is both simple and economical.
Is Virgin Money a Good Mortgage Lender?
According to Which consumer website, Virgin Money earned a customer score of 70%, ranking them 6th out of the top 15 mortgage providers when considering factors such as value for money and exceptional customer service.
Virgin Money offers a wide variety of benefits to individuals looking for mortgages, especially first-time homebuyers or buy-to-let mortgage applicants. They provide competitive fixed mortgage rates and tracker rate products as well as free valuation and legal fees.
As such, Virgin Money could be considered a ‘good’ lender, but there may be other mortgage lenders that are more suitable for you. We can give you more information should you choose to use our services and we will help you compare Virgin Money with the other lenders on the market. Get in touch with us by phone, WhatsApp, or our contact form, and we will arrange an appointment with you.
How Long Does a Virgin Money Mortgage Application Take?
The average speed of a mortgage application is 16 days, which is standard across most mortgage lenders. Your application could be approved within a shorter time frame, but this will depend on the quality and complexity of your application and the busyness of the lender.
How Much Could I Afford to Borrow from Virgin Money?
As part of their affordability assessments, mortgage providers use income multiples when deciding how much to lend their customers.
Currently, Virgin Money offers income multiples of:
Up to 5 x annual income for employed borrowers
4.49 x annual income for self-employed borrowers
4 x annual income for interest-only mortgages
Up to 5.5 x annual income for applicants in certain professions
The amount you will be eligible to borrow will depend on the property value of the house you wish to purchase, annual income, and other aspects related to your financial circumstances.
Use the mortgage calculator below to estimate what you may be able to borrow with a Virgin Money mortgage.
Virgin Money Mortgage Calculator
For a more detailed and personalised mortgage affordability, use our Mortgage Affordability Calculator here >
Frequently Asked Questions
How Long is a Virgin Money Mortgage Offer Valid for?
Virgin Money’s mortgage offers are valid for 6 months, but if you are buying a new-build and there are construction delays on your property, they may be willing to revise and extend your offer for a further 3 months.
Do Virgin Money Credit Check after a Mortgage Offer?
The company might carry out a credit check if, after your mortgage offer, new information comes to light that could affect your application. Such information could relate to your other debt if you have loans with other companies. The overall cost of your mortgage could be altered if your credit situation has changed.
When is My First Mortgage Payment to Virgin Money Due?
Virgin Money will confirm the date of the first mortgage payment after the completion stage.
How Much Can You Overpay on a Virgin Money Mortgage?
How Much Can You Overpay on a Virgin Money Mortgage?
On Virgin Money’s fixed-rate mortgage deals, you can make an overpayment of up to 10% of your outstanding balance each year without incurring an early repayment charge.
If you do make a payment over 10%, you will be subject to Virgin Money’s early repayment charge, so this is something to keep in mind if you want to pay your mortgage off sooner.
Details of how much you will be allowed to overpay will be on the terms and conditions of your mortgage.
What Will Happen When My Virgin Money Mortgage Deal Ends?
When your loan deal with Virgin Money expires, your mortgage will fall onto its standard variable mortgage rate. As this will likely be higher than the mortgage rate you were on, it is wise to remortgage onto a new mortgage, be that with Virgin Money or another lender.
As existing customers, you will have the option of changing to a new rate with Virgin Money before your current deal ends, but you may incur their early repayment charge.
Virgin Money Mortgage Advisor
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Grant Humphries (CeMAP)
Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape
