Virgin
mortgages:
Your expert guide

Virgin is one of the UK's biggest mortgage lenders. At Mojo, we can help you make a successful application with Virgin.

Virgin mortgage guide
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Rated Excellent

Stuart Bowman

10-minute read

Last updated: 18th August 2020

Why apply for a Virgin mortgage?

Virgin Money is one of the UK's newest mainstream lenders.

Launched in 2003 it now has a 2.5% market share lending almost £7 billion in 2018 – making Virgin the 9th most popular UK mortgage lender.

Virgin offer fixed rate deals with terms that last for 2 to 15 years. They also, like many other lenders, will give you a free valuation. Potentially saving you around £200.

What are Virgin's best mortgage rates?

You can get low rates with Virgin. Whether low rates are all that matter to you depend on your personal needs. For instance, you may care more about the true cost of the mortgage, or having extra flexibility in your payments.

Virgin mortgage deals

It's important to remember all Virgin mortgage rates will depend on your personal circumstances, but these are some of the lowest headline rates the building society is currently offering:

These are examples only.

They are based on an application for a £150,000 loan to purchase a £200,000 property over 25 years.

Lowest 2-year fixed rate

Initial rate: 1.70%

Initial period: 26 months

Initial monthly payments: £618.18

After the initial period this deal reverts to Virgin's Standard Variable Rate of 4.34% with monthly payments of £807.81.

APRC: 3.8%

Fees: £1,025.00

True cost: £237,442.62 (for the 25-year term)

Lowest 5-year fixed rate

Initial rate: 1.69%

Initial period: 62 months

Initial monthly payments: £617.46

After the initial period this deal reverts to Virgin's Standard Variable Rate of 4.34% with monthly payments of £782.85.

APRC: 3.2%

Fees: £1,025.00

True cost: £224,630.82 (for the 25-year term)

Nationwide mortgage guide

You can check whether you're eligible for these Virgin deals with Mojo.

We'll show you the best deals from over 90 lenders too.

  • Find out exactly what rates you can get
  • Get help with the paperwork if you want to apply
Check your rates

These rate examples were updated in August 2020.

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Virgin mortgage application

You really need to apply to Virgin over the phone or at a Virgin branch. Remember as a newer high-street bank, there are not as many branches as other banks, however.

You can find out if you're eligible for a mortgage from Virgin online. It only takes a few minutes. If you pass the eligibility check you'll see a screen that looks like this:

virgin mortgage check

After that you'll be asked to call a number and speak to an adviser. You can call anytime between 8am and 8pm Monday to Friday, 9am – 3pm Saturday and 10am – 3pm on Sundays. Or you can arrange a callback.

Why use Mojo to apply with Virgin?

It'll save you a lot of time, potentially save you money and leave you feeling like you really own that mortgage!

You'll only need to enter your details with us once, then we'll check everything and help you apply with Virgin.

Of course, you can be sure you won't find a cheaper mortgage deal elsewhere too because we'll check the whole market for you.

We'll save you £500 straight away because we do all of that without taking any broker fee.

Compare Virgin deals

How long does a Virgin mortgage application take?

After submitting your mortgage application, like all lenders, Virgin, will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.

Virgin mortgage appointment

If you still want to apply direct with Virgin, you'll need to book an appointment. Note, with Virgin, unlike a lot of other mainstream lenders, you can't simply get an Agreement in Principle online.

What happens in your Virgin mortgage appointment?

Before you start, you'll need to know:

  • The exact details of your income
  • Some pretty basic info about the property you wish to buy or remortgage
  • How much you spend each month
  • Your addresses for the last 3 years

Virgin will credit check you too, so make sure they're no skeletons in that closet. You can see your MortgageScore with Mojo and it'll show you what lenders are looking at.

As you near the end of the meeting, or sometimes in a second appointment, the adviser will make their mortgage recommendation.

If you're happy with their recommendation, they'll order a valuation on your property and pass on your case to an underwriter.

How much will Virgin lend me for a mortgage?

Virgin can offer up to 5 times your gross salary.

It will be different in each individual case, however. Virgin's final decision is based on your income, your outgoings, your LTV and whether the repayments would overstretch your finances.

Virgin remortgages

Like other mainstream lenders, Virgin assesses your remortgage like a new mortgage application. This means you'll have to pass their affordability and eligibility criteria and do new paperwork.

This can be quite an effort, but it could save you a lot of money compared to SVRs.

Of course, you should always check any remortgage deal saves you the most money over the full length of the introductory period and term. You can do this very quickly using the Mojo Mortgage Matcher.

Virgin product transfers

If you're already a Virgin customer you remortgage with a product transfer.

You can do this online with no advice – but that's only an option if you are confident in choosing your own mortgage deal.

If you have any questions at all, always get advice. We can help you for free by showing you how good the Virgin mortgage offer is against the rest of the market, or if you need any specific advice you can talk to our advisers.

Virgin let's you switch mortgage deals if your current mortgage deal ends within 120 days or you are already on their SVR.

Can I port my Virgin mortgage?

Most Virgin mortgages allow you to 'port' the terms of your current deal to a new house. They really promote flexibility with their mortgages.

Your illustration and offer letter will tell you if you can port.

Porting does allow you to avoid early repayment changes when moving house, but it may not always be the best option. Our expert advisers can help you work out if you'll save more in the long term by remortgaging.

How much are Virgin early repayment charges?

Virgin's early repayment charges will either be a percentage of your remaining balance or original loan amount. This is normally around 1.5% but it can be different depending on how 'early' you make your early repayment.

Check your offer letter to see your exact rate and how much you can pay back without triggering the ERCs.

Mojo's expert advisers can help you work out your early repayment charges ahead of a full remortgage.

Virgin buy-to-let mortgages

Virgin has the following buy-to-let eligibility criteria:

Virgin won't let you apply using your personal income if you're a portfolio landlords (you have more than 4 mortgaged buy-to-let properties), have an LTV of over 75% or will be aged 75 by the end of your mortgage term.

You can compare Virgin with all other buy-to-let lenders to find your best deal with Mojo.

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Virgin first-time buyer mortgage

As of July 2020, Virgin are asking new applicants to have at least a 15% deposit.

This is while they clear the backlog of applications caused by the coronavirus pandemic.

Virgin also accepts Help to Buy applications.

Like most lenders, Virgin wants you to complete your Help to Buy application before applying for your mortgage.

How long are Virgin mortgage offers valid for?

Normally 4 months for house purchase mortgages.

Ready to see your mortgage options?

Mojo Mortgages is an award-winning online mortgage broker. Let's get you the best rate you can... for free, all from the comfort of your sofa.

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