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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
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 What Virgin Money’s mortgage customers say Get personal mortgage advice

Virgin Money mortgage customer ratings

Mortgages
Virgin Money review
Which? Customer Score
76%
4th 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.
Compare Virgin Money with 22 other mortgage lenders

The table below shows how Virgin Money performed in our latest mortgage satisfaction survey, from application process to value for money.

Customer rating for: Star rating
Customer service

3 out of 5

Application process

-

Value for money

4 out of 5

Keeping you well informed

3 out of 5

Clarity of statements

4 out of 5

Transparency of charges

3 out of 5

Query and complaint handling

4 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 2018 Which? survey of 3,560 members of the general public, in which 75 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 July 2018, there were around 100 mortgages available from Virgin Money. Most of these were fixed-rate deals lasting two, three, five, seven or 10 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.

Does Virgin Money offer interest-only mortgages?

Yes, the most you could borrow is 75% of the property’s value.

But if you plan on selling the property to repay the capital at the end of the interest-only mortgage, the most you could borrow is 65% of the property’s value.

Your total household income must be at least £75,000 to be eligible for an interest-only mortgage.

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Does Virgin Money offer the best mortgage deals?

Which? analysis has found that Virgin Money offers far 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 June and July 2018. They compiled a total of 108 ‘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 14, but Virgin Money didn’t feature at all. (Data source: Moneyfacts.)

Interest rates on Virgin Money mortgages

When we checked in July 2018, 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 or 10 years.

The average interest rate of a two-year fixed-rate deal from Virgin Money was 2.18% in July, compared with the industry average of 2.81%.

Virgin Money offers a special interest rate to customers who have had a mortgage with them 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, or who 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.

How much could I borrow from Virgin Money?

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

Property value or price Maximum loan-to-value ratio
£0 – £500,000 95%
£500,001 – £1,250,000 80%
£1,250,001+ 75%

For new-build properties, the most you could borrow in relation to the property’s value is 90% for a house, and 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 ‘Fully 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, while new customers can call 0345 605 0500.

Its website is virginmoney.com.

Virgin Money mortgage eligibility

We’ve provided some examples below where you wouldn’t be able to take out a mortgage from Virgin Money:

  • if you’ve ever been made bankrupt
  • been party to a mortgage where the property was repossessed
  • had defaults of more than £500 in total.

The oldest you can be when you apply for a mortgage from Virgin Money is 68-years old.

Leasehold properties

If your mortgage is for a leasehold property, there must be at least 85 years left on the lease when you apply for a mortgage from Virgin Money.

What Virgin Money’s mortgage customers say

Get personal mortgage advice

Correct as of date of publication.

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