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.
• 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

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

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%	£437,600
London	5%	40%	75%	£600,000
Scotland	5%	15%	80%	£200,000
Wales	5%	20%	75%	£300,000

For full details of the range, which includes some Greener mortgage options, please view the Help to Buy Equity Loan sections in the latest 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.

*Regional caps apply

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. The range includes Help to Buy Equity Loan and Shared Ownership options.

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.

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

Lending over 90% up to 95% LTV is available under the Government’s Mortgage Guarantee Scheme. To qualify, applicants must not have any other interests in another property and must complete a Mortgage Guarantee Scheme Customer Declaration.

Availability:

• Available for purchase or remortgage, but we’re unable to offer capital raising during a remortgage.
• Available for residential Capital and Interest mortgages on properties with a maximum value of £600k.
• Available for houses, flats, and maisonettes. Flats and maisonettes must be in buildings with four storeys or fewer and must not be ex-local authority or ex-MOD.
• Not available for new builds.
• Available with a maximum term of 30 years.

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.