Residential policy
All our on-sale products can be ported.
Where the full balance is not ported to the new property the amount the balance has been reduced by will be subject to any applicable Early Repayment Charges.
The new mortgage can exceed the product LTV for the original application but must be within Virgin Money’s maximum loan to value limits.
Virgin Money will consider applications where customers wish to port their existing product to a property that they already own. This includes properties mortgaged to Virgin Money, another lender or owned outright.
If your customer requires additional borrowing to purchase their next property, they will be able to apply for a new product for the additional amount from the product range available at that time. Broker exclusive products can’t be used for this additional borrowing.
Existing customers moving home and taking an entirely new product
All customers who are moving home also have the option to take a new mortgage product from our prevailing range for the entire loan for their new property. Provided the new loan completes within three months of redemption of the existing loan, they may receive a refund of 50% on any applicable Early Repayment Charge.
Customers redeeming and completing on different days
If a customer doesn't complete the loan on the next property on the same day as they repay the loan on their current property, then any applicable Early Repayment Charge will be payable in full on the day of redemption. If they complete the loan on the next property within three months of redeeming, then the Early Repayment Charge will be refunded. If there is a reduction in the balance, any applicable Early Repayment Charge will be payable on the difference.
If your customer’s expected completion date on their new property is within 90 days of their product maturity, we will allow the customer to select a new product without incurring an early repayment charge, this will prevent your customer from having to port their mortgage product and then undertake a product transfer application in quick succession. If there is a reduction in the balance, any applicable Early Repayment Charge will still be payable on the difference.
Please refer to the Offer documentation issued to your customer for confirmation of their terms and conditions when moving home.
Customers who need to change the parties named on the mortgage when moving home
- Where the parties of the mortgage are changing, availability of the portable balance is evenly divided between the current named parties.
- Any additional funds can be applied for from our on-sale core product range, this does not include any exclusive products or products with incentives.
- If any party doesn't wish to port, they can still get up to a 50% share of the total Early Repayment Charge refund by using this moving your mortgage form
- If the customer intends to make of use of this policy, please make sure that a completed form accompanies your application submission.
- Any Early Repayment Charge refund will be administered upon completion of the new loan agreement.
If you've got any questions, just get in touch with your Business Development Manager who will do everything they can to help.
Procuration fees
If your customer chooses to take an entirely new mortgage product from our current range for all borrowing or transfer the remaining terms and conditions of their current product to their new property, you will be entitled to the full procuration fee for that product.
Please refer to your club or network for details of procuration fees.