In This Article
Who are Virgin Money?
Virgin Money is a financial services company formed in 2010, owned by the Virgin Group, and based in Newcastle.
Its core business areas are Mortgages, Credit Cards, Banking and Insurance.
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What does Virgin Money specialise in?
Virgin Money offers borrowers various mortgage deals, including fixed rate, tracker, and standard variable rate mortgages. Virgin Money also offers a range of mortgage products for first-time buyers, home movers, and buy to let investors.
Virgin Money residential home mortgages
Virgin Money offers residential loans for new builds, either houses or flats, whilst supporting housing schemes including Shared Ownership.
The lender can also help self-employed customers and fixed term contractors that may struggle with the leading high street banks.
Virgin aim to maintain a flexible approach to their products, such as cashback and incentives on new mortgages and as overpayments and payment holidays to existing customers subject to the terms and conditions of the mortgage.
Virgin Money buy to let mortgages.
Virgin Money aim to help first-time landlords through to portfolio landlords.
They try to offer common sense portfolio criteria, such as straight balance swaps for portfolio landlords, also the ability to use personal income to cover a rental shortfall on their assessments.
Are Virgin Money mortgage rates competitive?
Virgin Money strives to offer competitive rates for both residential and buy to let mortgages. However, as with any mortgage, it’s important to compare interest rates, fees, and the quality of the lender’s service before making a decision. Your credit score will also affect the interest rate you’re offered. In addition, the lender charges some fees (e.g. application and origination fees). Therefore, review the loan’s terms and conditions carefully before deciding. If you are considering a mortgage with Virgin Money, speak to a mortgage advisers who can help you compare your options.
Can I switch my product with Virgin Money?
If you are a customer of Virgin Money, you may be able to remortgage with them directly via a product transfer. However, staying with your current lender may not be your best option. An independent mortgage advisor can advise you on all products available in the market and find the best option for you. This could save you time and money in the long run.
Virgin Money new mortgage application to offer time?
While Virgin Money’s average time from application to offer is around four weeks, this duration may be extended for more complicated deals, for example, due to bad credit, a non-standard property, or complex mortgage.
Declined a Virgin Money mortgage?
If you’ve been declined a mortgage from Virgin Money, a mortgage advisor could help you find a lender willing to give you a mortgage. Many lenders are eager to provide people with low credit scores with a mortgage, so don’t give up hope. A mortgage advisor may be able to help you find one of these lenders.
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Conclusion
Virgin Money is a financial services company that offers various mortgage deals, including fixed rate, tracker, and standard variable rate mortgages.
Virgin Money also offers a range of mortgage products for first-time buyers, home movers, and buy to let investors. Virgin Money strives to offer competitive rates for both residential and buy-to-let mortgages. However, as with first-time mortgages, it’s important to compare interest rates, fees, and the quality of the lender’s service before making a decision.
If you are a customer of Virgin Money, you can remortgage with them directly. However, staying with your current lender may not be the best option for you. If you’ve been declined a mortgage from Virgin Money, speaking with a mortgage advisor could help you find a lender willing to give you a mortgage.
If you would like to speak to a mortgage advisor, please complete the contact form below, and I NEED ADVICE will match you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
