If you’re thinking about a remortgage, there are a number of mortgage lenders you could choose from. For the purposes of this guide, we are going to consider Virgin Money.
If you’re one of Virgin Money’s existing mortgage customers or if you are a new customer thinking about switching to one of their mortgage deals, keep reading to learn more about this mortgage lender.
How long does it take to Remortgage with Virgin Money?
The time it takes to remortgage with Virgin Money will depend on the complexity of your mortgage application and the busyness of the lender. It will also depend on whether your application form has been completed correctly as there could be delays if your form has any errors.
On average, it takes around 8 weeks to remortgage onto a Virgin Money mortgage deal. This is from the time you complete your mortgage application to the moment when it has been approved.
To speed up the process, you should speak to a mortgage broker that has experience with the Virgin Money mortgage process. They will know what paperwork you need and what criteria you have to meet to improve your chances of a virgin money mortgage approval.
The team at YesCanDo Money can help you in this regard so get in touch with our team when you are looking to remortgage. We will also compare deals with other mortgage lenders as you may be able to save money on your mortgage repayments by switching to a different mortgage lender.
When can I remortgage with Virgin Money?
It’s best to start looking for a new mortgage about 3-4 months before the end of your current mortgage term.
By getting the ball rolling early, you will have more time to lock in a new Virgin Money mortgage deal
If timed correctly, you will move onto a new mortgage deal with Virgin Money as your existing mortgage deal comes to an end.
If you decide to move onto a new mortgage with Virgin Money before your deal ends, you may be subjected to your existing mortgage lender’s early repayment charge.
If you fail to arrange a deal with Virgin Money before your current deal ends, you will move on to your lender’s standard variable rate. This will usually be more expensive than the mortgage rate on a new mortgage so your monthly payments could increase. As such, you shouldn’t delay your search for a new mortgage if your existing mortgage deal is ending soon.
Virgin Money Early Repayment Charges (ERCs)
| Fixed Rate Deal Period - (Virgin Money Early Repayment Charges) | |||||
|---|---|---|---|---|---|
| 2 year tracker | 2 year fixed | 5 year fixed | 10 year fixed | ||
| Year 1 | 1% | 1.5% | 3.5% | 8% | |
| Year 2 | 1% | 1.5% | 3.5% | 8% | |
| Year 3 | 3.5% | 7% | |||
| Year 4 | 3.5% | 7% | |||
| Year 5 | 3.5% | 6% | |||
| Year 6 | 5% | ||||
| Year 7 | 4% | ||||
| Year 8 | 3% | ||||
| Year 9 | 2% | ||||
| Year 10 | 1% | ||||
Virgin Money’s ERC rates apply across their whole mortgage product range.
This information is correct and true as of the 5th of December 2022. These charges are applicable on new mortgages with the lender and could be different for existing/historical mortgages.
How do I know when my existing mortgage deal with Virgin Money ends?
If you are existing mortgage customers with Virgin Money, the lender will write to you about four months before your mortgage ends. You don’t have to wait for them to get in touch, of course. If you would like to find out sooner, you can either call an advisor at Virgin Money to get the information you need or you could check the paperwork related to your existing mortgage offer.
Should I Remortgage with Virgin Money?
There are certainly benefits to remortgaging with Virgin Money. According to their website, their remortgage deals come with ‘free basic valuation and standard legal costs included’ so this is one way in which you can save money.
The Virgin Money website also promises mortgages with a 95% LTV so if you’re looking for a mortgage with a 5% deposit, you might want to consider this lender.
However, you may be able to get a better mortgage deal with another lender. There are over 90 mortgage lenders in the UK and between them, there are around 14,000 different deals available. As such, it is wise to speak to a mortgage broker such as ourselves as we will be able to tell you which mortgage lender has the very best deal for you!
How do I apply for a new deal with Virgin Money?
To apply for a new deal with Virgin Money, you should head over to their website and start your application with one of their mortgage specialists. You can do this by calling the phone number printed on the site or by using their callback form.
One of their advisers will arrange a mortgage interview with you and will advise you on the paperwork you need to have to hand.
The paperwork will include your payslips (or your tax year overviews if you’re self-employed); ID to confirm your identity and address; 3 months of bank statements; details of your monthly expenditure (which can include your bank statements); and your last mortgage statement as proof that your mortgage payments are being made.
Virgin Money will then expect you to sign and return an application form. The mortgage lender underwriting process will then begin and within a few days, you should hear back from them with a mortgage offer if your application has been accepted.
Does Virgin Money use mortgage affordability calculators?
Yes! If you want to find out how much you can borrow from Virgin Money, you can use their mortgage affordability calculator. However, we always suggest using a mortgage broker who uses their own mortgage affordability calculator that bases the results on the majority of lenders’ affordability criteria.
Does Virgin Money have the best Interest rate?
The interest rates you are offered by Virgin Money vary for new customers and existing mortgage customers. You can learn more about these on Virgin Money’s website but despite the rates that are advertised, there are other factors that can affect the actual rate of interest you will be offered, such as the size of your mortgage deposit.
If you would like a mortgage with the best interest rates, your best course of action is to contact our team. We will compare mortgages and find the deal that has the lowest interest rate available to somebody with your set of circumstances. If Virgin Money has the best interest rate at the time of our search, then great! But as there are thousands of deals on the market, another lender could save you money if they can offer you a more affordable deal.
Related reading: Virgin Money and Clydesdale Bank Expand Mortgage Criteria to Include Non-Standard Income Sources
Is there an easy way to remortgage?
There’s a hard way and an easy way to remortgage.
The hard way requires you to search for a new mortgage alone. As mentioned, there are over 90 lenders on the mortgage market with thousands of deals between them, so it would likely take you a very long time to find the very best deal that is out there.
The easiest way to remortgage is to contact an experienced mortgage broker. They have systems in place to narrow down the best mortgage deals on the market so when your mortgage is coming to an end, they will be able to help you find a great new mortgage deal.
Introducing the Fee-Free mortgage broker
Not all mortgage brokers are the same. Some will charge you for using their services but if you choose a fee-free mortgage broker, you won’t be charged a penny.
This is why you should consider our services. You won’t be charged any fees if you decide to use us for your remortgage so you can have peace of mind that this is one mortgage cost that you won’t have to cover!
Search for an Independent Fee-Free Mortgage Broker
It’s easy to search for an independent mortgage broker. You need only enter the correct search term in Google to find out more about the brokers that are out there.
But as we suggested, not all mortgage brokers are equal. Not only do some brokers charge a fee but some don’t have access to the widest number of deals on the mortgage market. As we are a whole of market mortgage broker, we are in touch with the majority of lenders in the UK so we can improve your chances of getting the best new deal when your current mortgage is coming to an end.
Make sure you get a highly-rated mortgage broker
Always check out mortgage broker reviews and ratings on Google, Facebook, and Trustpilot before choosing to use their services.
After all, you don’t put your mortgage needs in the hands of somebody who fails to find you the most affordable deal.
You risk losing your home if you are put on a deal that you can’t afford so to ensure you keep up those mortgage payments, choose a broker that has an excellent track record of helping their customers save money.
This is another reason why we recommend our services to you. We are a highly-rated mortgage broker due to the excellent support we have given to our many happy customers. To learn more, check out our reviews page to find out what our customers think of our expert services.
Use YesCanDo Money
One of the UK’s leading fee-free, independent & highest-rated mortgage broker
If you fancy a chat about your next mortgage, get in touch with our team and find out how we could save you money if you decide to use our services. Our aim is to keep your monthly payments as low as possible so that when your existing mortgage is coming to an end, we can make sure that you are put onto a new deal that is among the cheapest on the market.
Get The Best Virgin Money Remortgage Deal
To find out how much your monthly payment could be on a Virgin money mortgage deal, talk to our team. If Virgin mortgage rates could save you a lot of money in the long run, we will make sure you have access to the best deals they have available. Of course, if we think you could save more money elsewhere, we will advise you accordingly.
We Organise The Virgin Money Mortgage Application
If Virgin Money’s mortgage rates could save you money, we will organise the mortgage application for you to ensure everything goes ahead smoothly.
We will do this and so much more, from liaising with your estate agent and solicitor to keeping you updated on the status of your application.
Interested in our help? If so, request a callback using the form below and we will get in touch with you to arrange your first appointment.
FAQs
Can you remortgage early with Virgin Money?
You can reserve a new mortgage deal with Virgin Money up to 120 days before your existing deal ends. To learn more about these deals, check their website or get in touch with Virgin money customer service to learn about the deals they have available for either new customers or their existing mortgage customers, depending on your status with them.
What happens when my fixed-rate mortgage ends Virgin Money?
When your fixed-rate mortgage is coming to an end, you should arrange a new deal as soon as possible. If you choose to do nothing, the interest rate on your mortgage will revert to Virgin Money’s standard variable rate, which will cause your mortgage payments to increase.
How much can I borrow when I remortgage?
When you remortgage, you will borrow the amount that is outstanding on your existing mortgage and potentially more if you want to extend your mortgage loan. How much you will be able to borrow will depend on the lender you choose, the loan-to-value you are offered, your debt-to-income ratio, and other aspects related to your financial circumstances. To learn more, get in touch with our team and we will calculate what you may be able to borrow when you remortgage, be that with Virgin Money or another lender.
