Icon - Lenders

UK's 9th largest lender

Virgin Money lent just under £7bn in 2018. That's 2.5% of all mortgage lending.

Icon - Mouse

13-day submission time

That's 3 days faster than the average of 25 lenders we measured.

Icon - Tablet

Borrow 5x your income

You could borrow up to this amount if you meet the lender's requirements.

About Virgin Money

Virgin Money is one of the UK’s largest mortgage lenders, responsible for 2.5% of all mortgage lending in 2018 - that’s £6.8 billion.(1)

Founded in 1995, Virgin Money is part of Richard Branson’s Virgin Group. Virgin Money operates in Australia, South Africa, and the United Kingdom.

Virgin Money mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.

In this review we'll cover:

Is Virgin Money a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Virgin Money’s customer complaints record between July and December 2018. During this period the Financial Conduct Authority (FCA) received 879 officially upheld complaints from Virgin Money mortgage customers. (2) That’s around 0.3% of customers and is lower than the 0.4% average across major lenders.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Virgin Money mortgage application take?

During the last six months, the average speed that Virgin Money processed a Trussle customer’s successful mortgage application was 13 days. That’s shorter than the 16-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

These details were last updated on 8th August 2019.

How much could I afford to borrow from Virgin Money?

Virgin Money could lend up to a maximum of 5 times income before tax, depending on your circumstances.

These details were last updated on 8th August 2019.

Virgin Money's lowest mortgage rates

Virgin Money mortgage rates will vary depending on the type of mortgage you’re recommended.

The following deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

Compare deals from all lenders >

Lowest 2 year fixed rate

1.88%

Initial rate

4.60%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 26 month period, costing £1,034.73 per month for 274 months. Total amount payable is £304,492.92 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Lowest 5 year fixed rate

2.30%

Initial rate

4.10%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 62 month period, costing £1,007.92 per month for 238 months. Total amount payable is £290,508.20 including interest and fees. True cost based on a 60 month period. This deal was last updated on 1st March 2019.

Standard Variable Rate

4.99%

Standard Variable Rate (SVR)

Details

This rate was last updated on 1st March 2019.

Virgin Money's best mortgage deals

The following Virgin Money Mortgage deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.

Compare deals from all lenders >

First-time buyer

£18,823.12

True cost over initial period

£786.63

Monthly payment

Details

Includes £244 upfront fee. 2.19% initial rate reverts to 4.99% SVR after initial 26 month period, costing £1,037.65 per month for 274 months. Total amount payable is £305,012.48 including interest and fees. That’s a 4.60% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Remortgage

£18,823.20

True cost over initial period

£783.05

Monthly payment

Details

Includes £30 upfront fee. 2.15% initial rate reverts to 4.99% SVR after initial 26 month period, costing £1,037.28 per month for 274 months. Total amount payable is £304,604.02 including interest and fees. That's a 4.60% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Frequently asked questions (FAQs)

This information was last updated on 29th May 2019.

How long do Virgin Money mortgage offers last before they expire?

Virgin Money mortgage offers expire six months from your application date. This gives you half a year to finalise everything you need to complete the purchase of your property.

If for any reason you can’t finish buying your home in that time, you’ll have to either request an extension or apply for a new mortgage offer.

When does Virgin Money typically release mortgage funds?

Virgin Money will release mortgage funds on your completion date.

Your completion date is when you pick up your keys and take official ownership of your new home. You’ll confirm a completion date with your solicitor, once everything is in order and both you and the seller are ready. Your solicitor will inform Virgin Money of this date, and this is when they’ll release the funds.

Can I change my mortgage start date with Virgin Money?

A Virgin Money mortgage offer is valid for four months from the date of issue, and Virgin Money may be able to extend your mortgage offer if there’s a delay in the sale of the existing property or the purchase of the new one.

Offer extension rules and requirements vary depending on the type of mortgage in question. You should speak to your solicitor to confirm if you can. If you do require an extension, this is something your mortgage broker or solicitor can help with.

When will I have to make my first payment to Virgin Money?

Virgin Money requires you to make your first payment on the 7th day of the month after you’ve completed the purchase of your property.

For example, if your completion day is 24th April, you’ll have to make your first payment on 7th May. And if you complete on 4th May, your first payment won’t be until 7th June.

Can I pay off my Virgin Money mortgage early with overpayments?

Yes, and they have an overpayments calculator you can use to determine how much you could save in interest, as well as when your adjusted mortgage term will end.

You might, however, face an Early Payment Charge if you overpay by too much. A Virgin Money Everyday Mortgage, for example, will only allow you to pay up to 10% of your outstanding balance in a single calendar year.

What happens when my current mortgage deal ends?

You might be able to switch straight over to a new mortgage online, if you’re happy to do so. Otherwise, Virgin Money have a team of advisers you’ll be able to talk to about what to do next.

Virgin Money should write to you around four months before your mortgage deal ends, laying out your options in full.

Will I able to view my mortgage payments online?

Yes, Virgin Money has an online banking portal you can use to view your balance and your payments.

To access online banking, you’ll need to register, and once you’ve done that Virgin Money will give you a customer ID you can use to log in.

Does Virgin Money require that I get life insurance?

No, it’s entirely up to you. Life insurance pays out a lump sum in the event of your death or if you’re diagnosed with a terminal illness.

While some people like the peace of mind it brings, there’s no requirement to get a policy if you’re taking out a mortgage with Virgin Money.

Does Virgin Money provide mortgages for Flying Freehold properties?

No, Virgin Money doesn’t currently offer mortgages for Flying Freeholds.

Has Virgin Money sold PPI to mortgage customers in the past?

Yes, they have, but they stopped the practice several years ago.

Virgin Money sold PPI alongside its credit cards, loans and mortgages. Like most major mortgage providers, they now have a complaints process you can follow if you think they mis-sold you PPI in the past.

How do I contact Virgin Money’s mortgage department?

If you’re a new customer and would like to speak with Virgin Money directly about a mortgage, you can call their mortgage team on 0345 605 0500. Lines are open 8am - 8pm Monday to Friday, 9am - 3pm Saturday and 10am - 3pm Sunday.

Apply with Trussle today

  • Fee-free online mortgage broker

  • Rated 4.9/5 on Trustpilot

  • Thousands of deals from 90 lenders

  • Straightforward online application process

  • No waiting for appointments

  • No paperwork

  • Free ongoing mortgage monitoring

Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Trussle holding phone icon

What people are saying about Trussle...

Sources

Deal and rate data was sourced by Trussle. All other information was sourced from Virgin Money’s own website, unless referenced below.

  1. UK Finance

  2. Financial Conduct Authority