Products

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.
• Freedom to Fix Tracker – for those that want to hedge their bets or so to speak. It provides the best of both worlds – a Tracker with the flexibility of being able to switch to a Virgin Money Fixed rate at any point during their tie-in period. This means that borrowers can benefit from low interest rates but can switch to fix their monthly payment in the future if interest rates rise due to the direct link with Bank of England base rate.
• First Time Buyers - up to 95% LTV available, which is a fantastic proposition for clients looking to get on the housing market 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

We have a wide range of both Fixed and Tracker BTL mortgages available up to 80% LTV.

• Flat-fee and Fee Saver options are available on both Fixed and Trackers.
• 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

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 Scheme	Minimum Deposit	Equity Loan (up to)	Mortgage (up to)	Maximum Property Value	VM Product Available
					55% LTV	75% LTV	80% LTV
England	5%	20%	75%	£600,000
London	5%	40%	75%	£600,000
Scotland	5%	15%	80%	£200,000
Wales	5%	20%	75%	£300,000

For full details of these deals please view the Equity Loan section in the latest version of the Mortgage Update Link opens in a new window.

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

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.
• Different rate periods are available to suit different types of borrowers.
• 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 that all flexible features 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

At Virgin Money, we are focussed on providing flexibility across our mortgage range and providing products that meet the needs of your clients. As part of this focus, we offer a proposition developed specifically to help ease your clients’ concerns around changing interest rates – we call it Freedom to Fix.

Our range of Freedom to Fix Trackers will allow your clients to future-proof their mortgage against base rate changes by providing them with the option to switch to a Virgin Money Fixed Rate during their tie-in period without incurring an Early Repayment Charge.

Freedom to Fix customers will be entitled to move onto any applicable Fixed rate product from Virgin Money’s new business remortgage range available at the time of request. Clients with a Freedom to Fix Tracker will therefore have access to the same Fixed rates as any new customer. If there is a product fee associated with the chosen Fixed rate, this will be payable, however there will be no application or valuation fee charged.

If there has been a significant change in your clients' circumstances (income, expenditure etc) since they applied for their Freedom to Fix Tracker an affordability assessment will be undertaken at the time of switch.

Freedom to Fix customers wishing to exercise their right to switch to a Fixed rate should contact Virgin Money directly on 0345 600 4570*. Lines are open 8am to 8pm weekdays, 9am to 3pm Saturday and 10am to 3pm Sunday. Please note that this telephone number should be used by customers only.

Please note our Freedom to Fix range offers the same flexibility as our Everyday range (see above for details).

*Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.

Key product features:

• Available up to 90% LTV of the share purchased on houses and flats, including new build. A minimum 10% 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 in all postcodes across England

We are working in partnership with BuildLoan to help your customers realise the dream of building their own home.

With custom build, buyers build their own home on serviced plots of land with pre-existing planning permission and utilities (gas, electricity etc). It gives your customers the freedom to choose the plot, builder, design and layout of their new home.

To find out more, view our handy sales aid Link opens in a new window  or talk to your dedicated Business Development Manager.