The Everyday range aims to provide customers with a choice of simple and straightforward mortgages. It offers a selection of mortgage products designed to fit the needs of borrowers, whether a first time buyer, moving home, coming to the end of an existing Virgin Money deal or wanting to switch their mortgage from a current lender.
- Different rate periods mean that we suit the needs of different types of borrowers.
- Fixed Rate Mortgages – for those who work to a set budget. They provide security of a set monthly payment over a specific period of time.
- Fix and Switch – Our Fix and Switch range offers customers a 5 Year Fixed Rate mortgage with a 2 Year Early Repayment Charge (ERC). This means customers get certainty of interest rate and monthly repayment for five years, but if interest rates go down, they can switch to another deal after 2 years without paying an ERC.
- Freedom to Fix Tracker Rate Mortgages – for those that want a mortgage with an interest rate directly linked to the Bank of England. Any change in this is reflected in the mortgage interest rate. Customers have the ability to switch, free of an Early Repayment Charge, onto any fixed rate offered by Virgin Money at the time of the switch. Just so you know, we don’t pay a procuration fee on the product switch from tracker to fixed rate, if it’s before maturity.
- Fee Saver Options are available.
- Customers can make overpayments of up to 10% of their outstanding balance per calendar year without incurring an Early Repayment Charge. This can be done monthly or as a lump sum.
- Payment holidays are available once customers have had an Everyday Mortgage with us for nine months and providing that payments are up to date. These payment holidays can also be accumulated up to a maximum of 3 months and taken together, providing 27 consecutive payments have been made in full.
Incentives:
The following may be available on selected products at selected times:
- Free Legal work
- Free valuation
- Cashback
We have a wide range of mortgages available at up to 80% LTV.
- Flat-fee and Fee Saver options are available.
- Overpayments are a flexible feature of BTL. A set percentage of 10% of the outstanding loan balance can be paid each calendar year either by paying off a little extra each month or a lump sum.
- Payment holidays are available once customers have had an Everyday Mortgage with us for nine months and providing that payments are up to date. These payment holidays can also be accumulated up to a maximum of 3 months and taken together, providing 27 consecutive payments have been made in full.
Incentives:
The following may be available on selected products at selected times:
- Free Legal work
- Free valuation
- Cashback
Our Greener Mortgages give customers access to a range of new-build products that are priced more competitively than their equivalent Core products, rewarding customers for purchasing an energy efficient home.
To qualify, customers must be purchasing a new-build residential home with a certified or predicted energy rating of A or B. This will be evidenced by an Energy Performance Certificate (EPC), a Predicted Energy Assessment (PEA) or a Standard Assessment Procedure (SAP) calculation.
These can be obtained from the Builder (site office, sales manager or housing authority) or government register and must be submitted to us as part of the mortgage application process, along with any other supporting documentation. Please also see our New Build lending criteria. Link opens in a new window
Our range of Flexible mortgages*, as the name suggests are flexible by nature. They are the fully flexible alternative to our Everyday mortgages. They change to fit customer needs; as their lives change so too can their mortgage.
- The flexible range comprises of Residential Trackers. Interest rates on Tracker mortgages are directly linked to the Bank of England Base Rate for a set period of time.
- Overpayments are unlimited and can be made regularly or as a lump sum, penalty free, providing the loan is not redeemed in full.
- Borrow back is available whereby customers can borrow back any previous overpayments (minimum £500).
- Underpayments are also a useful feature. If a customer has chosen to overpay, they then also have the option to apply to make lower monthly payments.
- Customers can even stop paying altogether until the overpayment is used up.
- Payment holidays are available once customers have had a Flexible Mortgage with us for nine months and providing that payments are up to date. These payment holidays can also be accumulated up to a maximum of 3 months and taken together, providing 27 consecutive payments have been made in full.
*Please note our Flexible mortgages are not currently available to new customers. All flexible features (with the exception of overpayments) must be applied for and are subject to the terms and conditions of your client’s mortgage and Virgin Money’s agreement.
Incentives:
The following may be available on selected products at selected times:
- Free Legal work
- Free valuation
- Cashback