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Virgin Money Porting Mortgage with YesCanDo Money

Virgin Money, a prominent financial institution, offers a variety of mortgage products, including a specialised service for mortgage porting. This guide provides detailed insights into Virgin Money's mortgage porting process, highlighting its features, advantages, and the unique benefits of managing this process with YesCanDo Money.
In this guide
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    Understanding Virgin Money Mortgage Porting for Existing Customers

    Virgin Money‘s mortgage porting process is designed to make the transition as smooth and painless as possible, so let’s dive deeper. Let’s examine all the details.

    What’s Involved in Porting?

    Porting your mortgage with Virgin Money is a straightforward process, allowing you to transfer your existing mortgage to a new property. This service is subject to the lending policy at the time of your move. Additionally, you can apply for extra borrowing during this process.

    Key Features of Virgin Money Porting

    Virgin Money’s mortgage porting service is designed with features that cater to the convenience and varying needs of its customers.

    Borrowing More, Less, or the Same

    Your financial circumstances and the value of your new property may change over time. Virgin Money’s porting options are flexible to accommodate these changes:

    • Increase Your Borrowing: If you’re moving to a more expensive property, you can increase your borrowing to cover the additional costs.
    • Decrease Borrowing: In case you’re downsizing or moving to a more affordable property, you have the option to reduce your borrowing, thus needing a smaller mortgage.
    • Retain the Same Borrowing Amount: For a straightforward transfer, you can choose to keep your borrowing amount the same as your current mortgage and therefore the monthly mortgage payments.

    Early Repayment Charges (ERC)

    It’s important to be aware of the potential for early repayment charges, especially if you have a fixed-rate mortgage. Porting your mortgage with Virgin Money can be a strategic decision to avoid or minimise these charges.

    Alternatively, you may opt for a new mortgage deal when moving. If you complete this process within three months, Virgin Money offers a refund of 50% on any applicable Early Repayment Charge.

    Keeping Your Low Virgin Money Interest Rate

    Porting your mortgage with Virgin Money allows you to maintain your low interest rate during a move, potentially providing significant savings by keeping your monthly payment – especially in markets with higher-than-usual interest rates. Virgin Money offers the flexibility to port both fixed and tracker mortgages. If you’re considering a more expensive property, Virgin Money accommodates the possibility of increasing your borrowing.

    Engaging with a mortgage advisor at YesCanDo Money can greatly streamline this process. They can obtain a Virgin Money Decision in Principle online for you, which outlines your maximum borrowing capacity and the mortgage options available to you.

    Simplify Your Mortgage Porting with YesCanDo Money
    Experience hassle-free Virgin Money mortgage porting with the help from YesCanDo Money. We manage all the paperwork for you at no cost, ensuring a smooth transition. Get in touch for expert, stress-free mortgage guidance.

    Options Offered by Virgin Money for Moving Home

    Virgin Money provides two primary options for customers who are moving home and wish to retain their mortgage:

    Option 1: Keep Your Current Mortgage Deal

    Porting your mortgage with Virgin Money involves transferring your existing mortgage to a new property, which is generally referred to as ‘porting’. Here’s how it works with Virgin Money:

    Borrowing More: If the value of your new property requires additional financing, porting your current mortgage over can allow you to negotiate the new terms for any extra amounts you might need to borrow during the porting process.

    Example: If your current mortgage balance is £100,000 but you need to borrow £150,000 for your new property purchase, your existing lender would continue servicing £100,000. Any additional financing would need to be done under an entirely separate mortgage contract.

    Borrowing the same or less: If you borrow less for your new property than was required in your current mortgage agreement, an early repayment charge (ERC) may not apply depending on its terms.

    Example: If your current mortgage balance is £100,000 and you need to borrow £75,000 for your new property purchase, depending on the terms of your loan you may owe an ERC of 25% on any differences of over £25,000 between these amounts.

    Option 2: Get a New Mortgage Deal:

    If your mortgage deal is coming to an end, switching over could be in your best interests. Virgin Money provides a 50% refund on an early repayment charge when completed within three months – and even then offers to cover some or all costs related to Early Repayment Charges!

    Simplify Your Mortgage Porting with YesCanDo Money
    Experience hassle-free Virgin Money mortgage porting with the help from YesCanDo Money. We manage all the paperwork for you at no cost, ensuring a smooth transition. Get in touch for expert, stress-free mortgage guidance.

    The Virgin Money Porting Mortgage Process

    Embarking on the mortgage porting journey with Virgin Money is a significant step, whether for your residential property or a buy-to-let investment. Here’s how you can initiate the process for each, with the option of expert assistance from YesCanDo Money at no extra cost.

    You have two choices when starting your mortgage porting, the first being to go directly to the lender yourself and the second is to let us do it all for you for free.

    Virgin Money Residential Mortgage Porting

    • Process: If you’re looking to port your residential mortgage with Virgin Money, the process can begin by filling out a specific Virgin Money Residential Porting Application Form. This form requires details about your current mortgage, the new property, and your financial situation.
    • Next Steps: After submitting the form, Virgin Money will review your application and get in touch to discuss the next steps, including any additional documentation required and the terms of the porting agreement.
    • Process: Alternatively, you can opt for YesCanDo Money’s expert assistance. Get in touch with our fee-free team and we’ll handle the application process for you completely free of charge. Our mortgage team will fill out the Virgin Money Residential Porting Application Form on your behalf, ensuring all necessary details are accurately captured.
    • Next Steps: After we submit your mortgage porting application, we will liaise with Virgin Money and keep you informed throughout the process. We’ll guide you through any additional requirements and help clarify the terms of your new porting agreement, ensuring a smooth transition to your new property.
    • Benefits: This service ensures a hassle-free experience, as we navigate the complexities of mortgage porting for you, ensuring all details are accurately captured and submitted.

    Virgin Money Buy-to-Let Mortgage Porting

    • Process: For buy-to-let mortgage porting, start by filling out the Virgin Money Buy-to-Let Porting Application Form. This form will require details about your current investment property, the new property you’re considering, and your rental income.
    • Next Steps: After your application is submitted, Virgin Money will review it based on your rental income, property value, and other financial criteria. They will then reach out to discuss the next steps in the porting process.
    • Process: If you prefer a more guided approach for your buy-to-let mortgage porting, YesCanDo Money is ready to assist. Contact us, and our fee-free mortgage porting experts will take care of the application process, ensuring all the necessary information is provided.
    • Next Steps: We will submit the mortgage application on your behalf and maintain communication with Virgin Money. Our team will guide you through the subsequent steps, including any additional documentation and discussions about the porting terms, making your experience hassle-free.

    Whether you choose to start the porting process yourself or seek the assistance of YesCanDo Money, both paths lead toward achieving your property goals with Virgin Money. Our team is dedicated to providing a seamless and stress-free experience, ensuring that your mortgage porting aligns with your financial objectives and property aspirations. Plus we do not charge any fees for our mortgage services.

    Step-by-Step Guide to a Seamless Virgin Money Mortgage Porting with YesCanDo Money

    1. Initial Consultation: Your journey begins with a friendly chat. We take the time to genuinely understand your needs, aspirations, and concerns. Together, we’ll explore the possibilities of porting and how it aligns with your goals.

    2. Gathering Documents: Forget about daunting paperwork! We’ll guide you through the documents needed, ensuring everything is in order. Our team of mortgage advisors will liaise directly with Virgin Money on your behalf, making the process as hassle-free as possible for you.

    3. Approval Process: Navigating approvals can be tricky, but not with us by your side. We’ll streamline the process, ensuring all boxes are ticked. And, of course, we’ll keep you updated every step of the way, so you’re never left in the dark.

    4. Completion: The final step! With all the i’s dotted and t’s crossed, we’ll ensure a smooth and successful porting completion. Celebrate the new chapter in your homeownership journey, knowing you’ve made the right choice with YesCanDo Money.

    Documents Usually Required for Porting

    Navigating the paperwork required for mortgage porting can be intimidating, but with YesCanDo Money’s easy process, it becomes effortless. Here’s what’s typically required of you:

    • Income Proofs: To ensure you can comfortably manage your mortgage loan.

    • Property Valuation: To ascertain the current value of your home.

    • Identification Proofs: An Identity Verification Process.

    • Details About Your New Property: Information on the property where you will be moving into.

    Don’t stress over paperwork! YesCanDo Money’s team of specialists is on hand to guide and assist every step of the way, providing a stress-free porting experience tailored specifically for you.

    Simplify Your Mortgage Porting with YesCanDo Money
    Experience hassle-free Virgin Money mortgage porting with the help from YesCanDo Money. We manage all the paperwork for you at no cost, ensuring a smooth transition. Get in touch for expert, stress-free mortgage guidance.
    Mortgage Advisor - Megan

    Case Study: The Johnson Family's Smooth Mortgage Transition

    Megan (YesCanDo Mortgage & Protection Advisor

    Porting a Mortgage? Read our FAQs Frequently Asked Questions

    Yes, Virgin Money allows you to port your existing mortgage when you move home. This means you can transfer your current mortgage product to your new property, subject to meeting Virgin Money’s lending criteria.

    There may be certain fees associated with porting your mortgage, such as a valuation fee, legal fees, or a product fee if applicable. It’s important to check the Tariff of Mortgage Charges or contact Virgin Money directly for detailed information on any fees that may apply.

    If you need to borrow more because your new property is worth more, you can discuss this during the porting process. Virgin Money will assess your circumstances and any additional borrowing would be subject to their lending criteria.

    Porting your mortgage may be beneficial if your current terms, like low-interest rates, are something you don't wish to lose. Furthermore, this move can save early repayment charges and the hassle associated with applying for a new one - but before making this decision it is essential to assess market rates, your financial standing, and any future plans you may have before taking action.

    Yes, porting a mortgage can be refused. Mortgage lenders may deny a porting request if you don't meet their current lending criteria, which could include credit score, income stability, or the value of the new property. Changes in your financial circumstances since the original mortgage was taken out can also impact your eligibility for porting.

    Porting a mortgage typically involves selling your current home and buying a new one, as the mortgage is transferred from one property to another. However, in some unique circumstances, such as divorce or inheritance, lenders might allow porting without selling. It's essential to discuss specific scenarios with your lender.

    Timely approval of porting a mortgage varies, though typically follows that of purchasing and selling property. The process could last from several weeks to several months depending on factors like property chain complexity, lender efficiency, and speed of legal and administrative procedures.


    Choosing to port your mortgage with Virgin Money through YesCanDo Money offers a seamless and informed experience. For more information or to begin your mortgage porting process, contact YesCanDo Money. Our team is ready to provide a stress-free porting experience, tailored to your needs.

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    Grant Humphries (CeMAP)
    Grant Humphries (CeMAP)

    Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape

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