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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Virgin Money Mortgage Review
Virgin Money offers a range of mortgage options for remortgaging, first-time buyers, homemovers and buy-to-let. Find out more in our Virgin Money mortgage review.
Virgin Money mortgages: at a glance
Virgin Money offers capital repayment and interest-only mortgages, plus a range of mortgages that usually includes fixed-rate and tracker-rate options. It’s possible to apply for a Virgin mortgage online or over the phone, and your mortgage term can be set to a maximum of 40 years.
Virgin Money Mortgages
5 to 40 years
No minimum
Capital & Interest; and Interest Only
Yes
No
This mortgage provider is available via our partner, London & Country Mortgages.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments.
The information in this review is correct as at the date the page was last updated. This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
More mortgage lender reviews
Take a look at some of the other mortgage providers we review.
What types of mortgages does Virgin Money offer?
Virgin Money first-time buyer mortgages
Virgin Money typically offers first-time buyer mortgages up to 95% loan-to-value (LTV), meaning that you may be able to get a mortgage with a 5% deposit. Fixed-rate and tracker options are both usually available if you are taking your first step onto the property ladder.
Virgin Money remortgages
If you’re looking to remortgage, Virgin tends to offer fixed-rate and tracker remortgage deals. These may include free valuation and legal fees.
» MORE: Compare remortgage deals
Virgin Money buy-to-let mortgages
Virgin Money offers buy-to-let mortgages to new and current landlords. The eligibility criteria for buy-to-let deals is likely to be stricter than for standard residential mortgages.
» MORE: Best mortgage lenders
Virgin Money mortgage features
Repayment options
Virgin Money mortgages are available on a capital repayment and an interest-only basis. You may also be able to pay part of your mortgage as repayment and the other part as interest only, combining both.
With a repayment mortgage, your monthly repayments go towards paying off your interest and some of the original mortgage amount, or capital, you borrowed. If you make every repayment on time and in full, your entire debt should be cleared by the end of your mortgage term.
Interest-only mortgages are different in that your monthly repayments pay off the interest that you’re charged each month but don’t repay any of the original loan amount. Instead, you’ll need a repayment strategy in place when taking out the mortgage that aims to pay back your loan in full when your mortgage term ends. Interest-only mortgages are generally more difficult to obtain than capital repayment mortgages and often come with lower LTV limits.
» MORE: Interest-only vs. repayment mortgages
Mortgage rates
Virgin Money usually offers fixed-rate and tracker rate mortgages. With a fixed-rate mortgage the interest rate you pay is fixed for a set period – typically this will be two, five or maybe 10 years. This gives you peace of mind that your monthly repayments will not change.
When your deal ends, you may decide to remortgage to a new deal or, if you do nothing, you’ll move onto Virgin’s standard variable rate (SVR). This can rise or fall and may be higher than the rate you’ve been paying.
With a tracker mortgage, the mortgage rate you pay, and your monthly repayments, also have the potential to rise and fall. The Virgin Money tracker mortgage follows movements in the Bank of England base rate, so it’s vital to work out whether you could still afford your monthly repayments if rates were to go up.
» MORE: See Virgin Money mortgage rates
Loan-to-value ratios
Virgin Money typically offers residential capital repayment mortgages to 95% LTV, which means there are mortgage options available if you have a 5% deposit. If you’re looking at residential interest-only mortgages, the maximum LTV is likely to be lower.
» MORE: Why your LTV is important for a mortgage
Mortgage offers
A mortgage offer from Virgin Money is usually valid for six months. During this period, the mortgage rate you’ve been offered should not change.
Making overpayments
Depending on the type of mortgage you have, it may be possible to overpay by up to 10% of your outstanding mortgage balance each calendar year without having to pay an early repayment charge. Some Virgin mortgages may allow unlimited overpayments without charge, provided you don’t pay off the mortgage in full.
» MORE: Mortgage overpayment calculator
Paying off your mortgage early
If you’re thinking of paying off your mortgage early, you’ll need to request a redemption statement from Virgin Money. This will confirm everything you need to pay, including any charges.
Porting your mortgage
If you’re moving home and want to take the Virgin Money mortgage you already have with you, you can ask Virgin to port your mortgage. If there are any charges to pay, Virgin should make you aware when you contact them.
Mortgage calculators
Virgin has a handful of mortgage calculators on its website including options to help you work out how much you may be able to afford on mortgage repayments, the amount you may be able to borrow, and an overpayment calculator.
» MORE: Compare best mortgage rates
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
Review methodology
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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