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All you need to know about our range of mortgages

Important information - changes to product offering and policy requirements

Some changes to our product range and policy requirements are currently in place.

We’re continuing to monitor the situation closely and we’re working hard to support you and your customers during these difficult times.

For a full update of all changes please view our dedicated update page.


Everyday

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.
  • 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.
  • First Time Buyers - up to 95% LTV available, which is a fantastic proposition for clients looking to get on the property ladder with a low deposit.
  • 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
BTL

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
Help to Buy Equity Loan schemes

The government Help to Buy Equity Loan schemes are designed to help home buyers with smaller deposits buy a new build home in England, London, Scotland or Wales.

Help to Buy Equity Loan SchemeMinimum DepositEquity Loan (up to)Mortgage (up to)Maximum Property ValueVM Product Available
55% LTV75% LTV80% LTV
England5%20%75%£600,000yesyes no
London5%40%75%£600,000yesyesno
Scotland5%15%80%£200,000yesyesyes
Wales5%20%75%£300,000yesyesno

For full details of these deals please view the Equity Loan section in the latest version of the Mortgage Update.

If you have any queries, you can give us a call or contact your dedicated Business Development Manager.

Flexible

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
Shared Ownership

Key product features:

  • Available up to 95% LTV of the share purchased on houses and flats, including new build. A minimum 5% deposit is required from the customer’s own funds.
  • Flexible features, including payment holidays and overpayments (subject to our prior agreement) are available. All mortgages are fully portable.
  • Available across England and Wales.