Should you get a mortgage from Virgin Money?

£8.4 billionLent to home owners in 2017.

Virgin Money is one of the UK’s largest mortgage lenders, responsible for 3.3% of all mortgage lending in 2017 - that’s around £8.4 billion.1

Founded in 1995, Virgin Money is the 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.

See how they compare to other mortgage lenders:

Is Virgin Money a good mortgage lender?

690Upheld complaints received by the financial regulator.

We looked at Virgin Money’s customer complaints record between July and December 2017. During this period the Financial Conduct Authority (the financial regulator) received 690 officially upheld complaints from Virgin Money mortgage customers.2 That’s around 0.2% of customers and is lower than the 0.4% average across major lenders.*

*This 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?

18 daysAverage speed of Trussle customer’s mortgage application with Virgin Money.

Between July 2017 and July 2018, the average speed that Virgin Money processed a Trussle customer’s mortgage application was 18 days.* That’s equal to the 18-day average across all the major 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.

*This 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 much could I afford to borrow from Virgin Money?

5 xMaximum annual income.

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

These details were last updated on 13th July 2018.

Current mortgage rates from Virgin Money

Lowest 2 year fixed rate


Initial rate:
1.98%
Annual Percentage Rate of Charge (APRC):
4.50%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to SVR after initial 25 month period, costing £763.05 per month for 275 months. Total amount payable is £224,681.75 including interest and fees. This deal was last updated on 17th July 2018.

Lowest 5 year fixed rate


Initial rate:
2.18%
Annual Percentage Rate of Charge (APRC):
3.90%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to SVR after initial 61 month period, costing £742.12 per month for 239 months. Total amount payable is £213,757.98 including interest and fees. This deal was last updated on 17th July 2018.

Current Standard Variable Rate


Standard Variable Rate (SVR):
4.79%

This rate was last updated on 17th July 2018.

Current mortgage deals from Virgin Money

First-time buyer

Lowest true cost deal


Lowest initial period true cost deal:
£19,731.00
Monthly payment:
£779.48
Upfront fee:
£244.00
Initial rate:
2.11%
Standard Variable Rate (SVR):
4.79%
Annual Percentage Rate of Charge (APRC):
4.50%

Reverts to SVR after initial 25 month period, costing £993.80 per month for 274 months. Total amount payable is £294,782.40 including interest and fees. This deal was last updated on 12th July 2018.

Remortgage

Lowest true cost deal


Lowest initial period true cost deal:
£14,429.00
Monthly payment:
£575.96
Upfront fee:
£30.00
Initial rate:
1.98%
Standard Variable Rate (SVR):
4.79%
Annual Percentage Rate of Charge (APRC):
4.50%

Reverts to SVR after initial 25 month period, costing £763.05 per month for 275 months. Total amount payable is £224,317.75 including interest and fees. This deal was last updated on 16th July 2018.

Frequently asked questions about Virgin Money

This information was last updated on 16th July 2018.

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.

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.

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.

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.

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.

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.

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.