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Virgin Money mortgage review

Our Virgin Money mortgage review combines customer feedback with expert deal analysis to reveal whether the lender is worth considering next time you apply for a mortgage.

In this article
Coronavirus (COVID-19) update Virgin Money mortgage customer ratings What kinds of mortgages does Virgin Money offer? Does Virgin Money offer the best mortgage deals? Interest rates on Virgin Money mortgages How much could I borrow from Virgin Money?
Can I make overpayments? How can I contact Virgin Money? Virgin Money mortgage eligibility How could Virgin Money help me on to the property ladder? What Virgin Money’s mortgage customers say

Coronavirus (COVID-19) update

Virgin Money has temporarily suspended applications from customers purchasing a home or buy-to-let property.

Virgin Money mortgage customer ratings

Virgin Money review
Which? Customer Score
19th out of 23 mortgage lenders
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
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The table below shows how Virgin Money performed in our latest mortgage satisfaction survey, from customer service to value for money.

Customer rating Star rating
Customer service

3 out of 5

Application process -
Value for money

3 out of 5

Keeping you well informed

4 out of 5

Clarity of statements

3 out of 5

Transparency of charges

3 out of 5

Query and complaint handling

3 out of 5

Ability to overpay or underpay mortgage

4 out of 5

Online access

3 out of 5


Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 64 people told us they had their mortgage with Virgin Money. Where no rating is given the sample size was too small.

What kinds of mortgages does Virgin Money offer?

When we checked in September 2019, there were around 110 mortgages available from Virgin Money. Most of these were fixed-rate deals lasting two, three, five, seven, 10 or even 15 years.

The rest were two-year tracker deals. Some tracker mortgages from Virgin Money come with a ‘freedom to fix’ feature, where you can switch to a fixed-rate mortgage anytime during your tracker deal without having to pay an early repayment charge.

15-year fixed-rate mortgages

In July 2019 Virgin Money became the first lender to launch a 15-year fixed-rate mortgage since the financial crisis.

A range of 15-year fixes are available from Virgin Money to homebuyers and customers looking to remortgage. Virgin's 15-year mortgages are available at a loan-to-value (LTV) ratio of up to 95%.

But longer-term fixes tend to come with significant early repayment charges (ERCs). These could leave you with a bill of thousands of pounds if you want to end the deal early, for example by paying back the loan or remortgaging to a different lender.

Virgin Money’s 15-year fixes have ERCs as high as 8% in the first five years. On a £250,000 loan, for example, that would mean an ERC of £20,000.

Does Virgin Money offer interest-only mortgages?

Yes, and the most you could borrow is 75% of the property’s value for a home you’re going to live in or 80% for a buy-to-let.

However, if you intend to pay back the mortgage by selling the property at the end of the term, the most you could borrow is 65%.

Your income must be at least £75,000 if you want to take out an interest-only mortgage on a property you’re going to live in.

If you’re a first-time buyer you won’t be eligible for an interest-only mortgage.

Does Virgin Money offer the best mortgage deals?

Which? analysis has found that Virgin Money offers fewer cheap mortgages than the average lender.

In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 15, but Virgin Money only featured four times. (Data source: Moneyfacts.)


Interest rates on Virgin Money mortgages

When we checked in September 2019, most mortgages from Virgin Money were fixed-rate deals, meaning your interest rate is guaranteed to stay the same for a set number of years. These fixed-rate deals were available for two, three, five, seven, 10 or 15 years.

The average interest rate of a two-year fixed-rate deal from Virgin Money was 2.26% in September 2019, compared with the industry average of 2.77%.

Virgin Money's 'loyalty rate'

The lender offers a special interest rate to customers who have had a Virgin Money mortgage on the same property for at least seven years.

This interest rate is called the ‘loyalty rate’ and is available to customers who aren’t benefiting from any other special rate and aren’t still within a period where an early repayment charge could apply.

The loyalty rate comes with a discount of at least 0.25% on Virgin Money’s standard variable rate of interest.

However, as standard variable rates tend to be high, even with this discount you might end up paying more than you would if you were to remortgage. We'd recommend speaking to an independent mortgage broker for advice on the best deal for you.

How much could I borrow from Virgin Money?

Below we’ve outlined how much you could potentially borrow from Virgin Money, based on the percentage of the property’s value or price (whichever is lower).

Loan amount Maximum loan-to-value
Up to £500,000 95%
£500,001 - £750,000 85%
£750,001 - £1.25m 80%
£1.25m+ 75%

For new-build properties, the most you could borrow in relation to the property’s value is 90% for a house or 75% for a flat.

Can I make overpayments?

If you have a mortgage from Virgin Money’s ‘everyday’ range, you can overpay up to 10% of your outstanding mortgage balance every year without having to pay an early repayment charge.

Virgin Money also has a range of ‘flexible' mortgages, where you can make unlimited overpayments without paying an early repayment charge (unless you pay off the entire mortgage).

How can I contact Virgin Money?

Existing mortgage customers can contact 0345 602 8301.

New customers can call 0345 605 0500.

Its website is

Virgin Money mortgage eligibility

You won't be able to take out a Virgin Money mortgage if:

  • you’ve ever been made bankrupt;
  • you've been party to a mortgage where the property was repossessed; or
  • you have defaults of more than £2,00 in total.

Flats and leasehold properties

Virgin Money will only lend on leasehold properties with at least 85 years left on the lease at the time of applying.

The lender doesn’t offer mortgages for studio flats.

If you’re looking for a mortgage on a flat, the maximum number of storeys the building can have is 10, unless you’re buying in certain areas of London. But if the flat is in a block more than 10 storeys high, the most you could borrow is 80% of the property’s value.

How could Virgin Money help me on to the property ladder?

Virgin Money doesn’t offer guarantor mortgages. However, it will consider applications where another person (often a parent) joins the mortgage and is named on the property deeds, but will not be living in the property.

This means you might be able to borrow a higher amount than if you applied by yourself.

With this kind of joint borrower mortgage, the most you could borrow is 75% of the property’s value.

The person you're taking the mortgage out with will need to show they can afford the mortgage as well as their other financial commitments.

What Virgin Money’s mortgage customers say