Virgin Money Mortgage Switch for Existing Customers
Switching with Virgin Money can be good for existing customers. Known as a Virgin Money product transfer, it allows you to switch to a new deal without changing lenders. Our process takes minutes to transfer your products.
- Fee Free Service
- Fully Protected
- Trustpilot - 5 Star
This page explains everything you need to know about switching, Virgin Money product transfer rates for existing customers and how a mortgage broker can help. Get in touch for free advice.
Why stay with Virgin Money for your new deal?
Lock in your rate up to 6 months early: Get your new rate today.
No broker fees: We don’t charge extra.
Same-day service: We’ll process your transfer today.
Paperless process: No paperwork required.
No valuations needed: No need for property valuations.
No credit scoring: Your credit score won’t be affected.
Note: Further advances, term changes, home moves, and removal of a borrower will still require standard underwriting.
- A TREE PLANTED FOR EVERY MORTGAGE
Virgin Money Product Transfer Eligibility
Opting for a Virgin Money Product Transfer presents several benefits, enhancing the convenience and flexibility of managing your mortgage:
Switching your Virgin Money mortgage is straightforward — call or WhatsApp our fee-free team at YesCanDo Money, and we will manage the entire process without any credit checks.
To be eligible to switch your Virgin Money mortgage deal, you must satisfy the criteria below:
Your current deal ends within the next 180 days.
You are up to date with your mortgage payments.
Your income is in pounds sterling.
You have a single repayment type (capital and interest or interest only) and are not planning to change it.
You are not seeking additional borrowing nor altering your term or repayment type.
You do not intend to make overpayments or take payment holidays before your new deal starts.
Your mortgage is not a Help to Buy Equity Loan or a shared ownership mortgage.
If you don’t fit one or more of the above criteria, you may need to consider a full remortgage rather than a product transfer.
Virgin Money Mortgage Rates for Existing Customers
If you are looking to complete a Virgin Money product transfer, also known as a Virgin Mortgage Switch, you may be interested in what rates are available to you. Below are the latest Virgin Money mortgage rates for existing customers as of
Virgin Money Product Transfer Rates – Residential Mortgage
Below are the latest Virgin Money mortgage rates for existing residential mortgage customers as of 15th August 2024.
65% LTV Rates
| Term | Rate | Product Fee |
|---|---|---|
| 2 year fixed | 4.35% | £1,495 |
| 2 year fixed | 4.40% | £995 |
| 2 year fixed | 4.77% | No Fee |
| 3 year fixed | 4.30% | £995 |
| 3 year fixed | 4.67% | No Fee |
| 5 year fixed | 4.01% | £1,495 |
| 5 year fixed | 4.06% | £995 |
| 5 year fixed | 4.16% | No Fee |
| 7 year fixed | 5.09% | £1,495 |
| 10 year fixed | 4.99% | £995 |
| 15 year fixed | 5.09% | No Fee |
75% LTV Rates
| Term | Rate | Product Fee |
|---|---|---|
| 2 year fixed | 4.60% | £1,495 |
| 2 year fixed | 4.65% | £995 |
| 2 year fixed | 4.85% | No Fee |
| 3 year fixed | 4.55% | £995 |
| 3 year fixed | 4.75% | No Fee |
| 5 year fixed | 4.15% | £1,495 |
| 5 year fixed | 4.20% | £995 |
| 5 year fixed | 4.43% | No Fee |
Virgin Money Product Transfer Rates – Buy to Let
Below are the latest Virgin Money mortgage rates for existing buy-to-let mortgage customers as of 15th August 2024.
65% LTV Buy-to-let Rates
| Term | Rate | Product Fee |
|---|---|---|
| 2 year fixed | 4.64% | £1,995 |
| 2 year fixed | 4.94% | £995 |
| 2 year fixed | 5.20% | No Fee |
| 5 year fixed | 4.37% | £1,995 |
| 5 year fixed | 4.60% | £995 |
| 5 year fixed | 4.67% | No Fee |
75% LTV BTL Rates
| Term | Rate | Product Fee |
|---|---|---|
| 2 year fixed | 4.77% | £1,995 |
| 2 year fixed | 5.02% | £995 |
| 2 year fixed | 5.34% | No Fee |
| 5 year fixed | 4.47% | £1,995 |
| 5 year fixed | 4.67% | £995 |
| 5 year fixed | 4.74% | No Fee |
The Virgin Money standard variable rate is currently 8.99% as of August 2024. If you are on this rate, exploring a product transfer on your mortgage balance may be beneficial to secure a lower interest rate. You will have no early repayment charge and therefore the process could be quick and you will benefit from a new monthly payment.
When Can You Transfer to a New Virgin Money Deal?
The time frame for transferring to a new Virgin Money deal depends on your current mortgage type and the remaining months on your current deal.
You can reserve a new Virgin Money mortgage rate up to 120 days before your current deal ends. If the new rate is lower, we can transfer your product early, helping you save money.
Quick Switching Process: We can usually secure your new mortgage rate within hours.
Eligibility Check: We will establish your mortgage balance and current property value, inform you of all available rates, and advise you on the most suitable option.
No Credit Check Required: A new Virgin Money mortgage rate is available regardless of your recent credit history.
Accommodating Changes in Circumstances: We can arrange a new Virgin Money mortgage rate even if your income has decreased or one borrower has stopped working.
No Property Valuation Needed: We obtain a valuation of your property from Virgin Money on the same day at no cost.
No Solicitor Needed: You won’t need a solicitor to finalize your new Virgin Money mortgage rate.
Should I Consider Remortgaging and Switching Lenders?
When deciding whether to stay and switch your mortgage deal with Virgin Money or remortgage with a different lender, it’s important to weigh various factors. These factors include:
Interest rates
Mortgage product features
Costs associated with switching rates
Remortgaging to a new lender may offer better terms for your new situation but typically involves:
Credit checks
Legal fees
Valuation fees (in some cases)
Whatever you choose, working with a broker such as YesCanDo Money, with access to over 14,000 deals from more than 90 lenders, can provide invaluable assistance. Our fee-free team will help you:
Compare the overall financial impact
Assess the long-term benefits
expert advice and they do it all for you (for free!)
Working with an expert ensures you make the most informed decision for your circumstances.
Things to Consider When Switching Mortgage Rates
When switching to Virgin Money there are a few things to think about:
Product Fee: This can be paid upfront or added to your mortgage. While the Virgin Money mortgage rate on fee-charged products is lower than those with no product fee, consider whether saving on interest with a fee-paid product is worth the cost.
New Rate: What’s the new interest rate, and how does it compare to your current rate and monthly mortgage payments?
New Rate Term: How long is the new mortgage rate term, and does it fit with your future financial plans?
Early Repayment Charges: If you switch before your current fixed-rate deal ends, be aware of any early repayment charges.
Think carefully about these before you choose to switch rates.
Virgin Money Mortgage Product Transfer – The Process
Did you know you can switch rates with a Virgin Money product transfer in one day?
Contact Us: Call us or use our Virgin Money product transfer form. Please provide us with your details and Virgin Money mortgage account number.
Review Options: We will check your Virgin Money Mortgage Product options and provide you with the mortgage switch rates that are available.
Get Expert Help: Our experienced team will help you choose your best option and deal. We’ll support you throughout the application process and manage everything for you free of charge.
Request Mortgage Offer: Once you’ve decided, we will request a mortgage offer based on the new rate and any additional borrowing.
Approve Offer: We will apply for your rate switch with Virgin Money once you decide on the best option.
Get Broker Help for Your Virgin Money Mortgage Switch
A broker can be your best friend when switching rates. They’ll give you advice, explain the options and guide you through the process.
At YesCanDo Money we offer free, full-service mortgage broking to help you through the product transfer process. We’ll do the paperwork, give you mortgage advice and get you the best deal – all for free. Our team of experienced brokers will make it as easy as possible for you and save you time and stress.
Free Mortgage Advice & Do-it-all Service
5* on Trustpilot*
Easy process with great communication
Exclusive broker rates
Virgin Money Product Transfer Form
Product Transfer Form
Please provide us with your mortgage details in the form below. Once we receive your information, one of our fee-free mortgage advisers will be in touch to discuss your mortgage rate switch options. We are here to help you find the best rates and terms tailored to your needs.
Frequently Asked Questions
When navigating the Virgin Money product transfer process, several questions may arise. Here’s a list of frequently asked questions to help guide you:
What is the process for a product transfer with Virgin Money?
The process for a product transfer with Virgin Money typically involves reviewing the new mortgage deals available as your current deal nears its end. You can choose a new rate up to 180 days before your existing rate expires. The transfer is usually straightforward, requiring no additional credit checks or property valuation, and can be completed online. For personalised assistance, contacting a mortgage advisor like YesCanDo Money can simplify and optimise this process.
What happens when my fixed rate mortgage ends Virgin Money?
When your fixed-rate mortgage with Virgin Money ends, it usually reverts to Virgin Money’s Standard Variable Rate (SVR). The SVR is typically higher than fixed rates, so it’s advisable to consider a product transfer or remortgage 180 days before your current deal ends to secure a better rate and avoid higher monthly repayments.
How long is a mortgage offer valid for Virgin Money?
A mortgage offer from Virgin Money is generally valid for three months from the date of issuance. This period allows you to complete the purchase or remortgage process. Extensions may be available in certain circumstances, but it’s best to check with a qualified mortgage adviser.
How much can I overpay my mortgage with Virgin Money?
Virgin Money typically allows you to overpay up to 10% of your mortgage balance each year without incurring an early repayment charge. This is based on the amount owed at the start of the year. Overpayments can reduce the overall interest and the term of your mortgage.
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
