The Ultimate Virgin Money Remortgage Guide
What is a Remortgage?
A remortgage involves applying for a new mortgage deal with another mortgage lender while staying in your current property. This process may also be known as “remortgaging”. The primary reasons why most people remortgage include wanting to save money, free up some money, or adapt to changes in their financial circumstances.
Is it Time to Remortgage?
If your existing Virgin Money mortgage deal is about to end or has already moved onto its standard variable rate, it is worthwhile checking for new offers. For instance, if the value of your property has changed since purchase, its loan-to-value ratio could have also improved and may provide access to more competitive interest rates and deals.
Why Consider a Virgin Money Remortgage?
Virgin Money offers a range of remortgage products, all of which come with a free basic valuation and standard legal costs included. A virgin money mortgage deal could save you money with lower mortgage payments and reduce the financial burden associated with remortgaging.
Advantages of Virgin Money Remortgage
Virgin Money is a reputable mortgage lender with a wide range of mortgage products. They offer competitive mortgage rates and have a track record of excellent customer service. Their remortgage deals are designed to meet the needs of a variety of customers, whether you’re looking to reduce your monthly payments, change the term of your mortgage, or release equity from your home.
Disadvantages of Virgin Money Remortgage
While Virgin Money offers a range of benefits, there are also some potential downsides to consider. For example, they may not always offer the lowest mortgage rates on the market. Additionally, if you’re considering remortgaging before your current deal ends, you may have to pay an early repayment charge.
Virgin Money Remortgage Timeline: How long does a Virgin Money remortgage take?
A remortgage with Virgin Money typically takes around 8 weeks after you apply. To ensure a smooth process, it’s recommended to start the mortgage renewal 20 weeks before your existing fixed rate ends. This allows plenty of time to secure an interest rate and eliminates the need to rush the remortgage process.
Virgin Money Remortgage Process
Make your Virgin Money remortgage as efficient and stress-free as possible with the assistance of a mortgage broker. Here’s a step-by-step guide so you know exactly what to expect when you remortgage through them.
Receive Communication from Your Current Lender: If you’re on an introductory deal, Virgin will contact you well in advance of its expiry date. This is your cue to start considering remortgaging options.
Request a Closing Balance: Ask Virgin Money for a redemption statement. This document outlines the amount needed to pay off your remaining mortgage loan, including fees. This is the amount you’d need to borrow if you decide to remortgage.
Engage a Mortgage Broker: A mortgage broker can help you find the best deal for your circumstances. They can search the whole market and often have access to exclusive deals.
Decide on the Type of Mortgage: Choose between a repayment or interest-only mortgage. Virgin offers both options, but you’ll need a plan to repay the loan at the end of the term if you choose an interest-only mortgage.
Prepare for Eligibility and Affordability Checks: Gather documents like bank statements, payslips, utility bills, credit card statements, ID, records of regular outgoings, proof of bonuses or commission, and your P60. Having these ready can speed up the process.
Obtain a Mortgage in Principle: If Virgin is satisfied with your documents, they’ll issue a Mortgage in Principle (MIP). This is a non-binding indication of how much they might be willing to lend.
Arrange a Valuation: Virgin will arrange a valuation to confirm the house is worth the amount you’re asking to borrow. This is usually paid for by the customer, although some deals include it.
Submit Your Mortgage Application: As part of your application for credit, provide information about your job, industry, income, spending habits, spending patterns, credit history, and deposit size as part of your mortgage application. The more evidence there is to support you being reliable the greater chance your application will be approved.
Receive Your Mortgage Offer: If approved, Virgin Money will send you a mortgage offer letter. This outlines the amount you can borrow and any conditions. Check it thoroughly and inform Virgin if anything is incorrect or if your circumstances have changed.
Solicitor Draws Down Mortgage Funds: Your solicitor will request the money from Virgin Money and use it to pay off your old mortgage.
Register the New Mortgage: Your solicitor will register the details of the new mortgage holder with the Land Registry and transfer title deeds if applicable to Virgin Money.
Virgin Money Remortgage Calculator
Virgin Money offers a remortgage calculator on their website. This tool can help you estimate how much you could borrow, on your next mortgage and what your monthly repayments might be, and how much you could potentially save by remortgaging. It’s a useful tool to open to new customers as well as existing mortgage customers and will give a rough idea of your options before speaking to a mortgage broker or lender.
Starting Your Virgin Money Remortgage Journey
When starting the remortgage process, our experienced mortgage brokers are the ideal starting point. They can handle every step from discussing your circumstances and goals to submitting mortgage applications and filling out paperwork on your behalf.
Working with a Mortgage Broker
Our brokers are here to make your remortgaging journey as smooth as possible, helping you find a remortgage deal that best meets your needs and circumstances. Partnering with one can save time and effort as they have expertise navigating through the remortgage process efficiently; plus access a range of deals not directly available. Don’t hesitate to reach out; our brokers are here every step of the way – let’s start this Virgin Money process together today.
Fact – Did you know that over 71% of mortgages in the UK are carried out by independent mortgage brokers
Case Study: Successful Remortgage with Virgin Money
Specific Virgin Money Remortgage Situations
Virgin Money offers various remortgaging solutions tailored to meet the specific needs and circumstances of our customers, such as:
As soon as it comes time to remortgage, contact our team. We will discuss all of your mortgage options with you and point you toward the most cost-effective deals. This process is referred to as Virgin Money Mortgage Rate Switch or a product transfer and may prove helpful for many homeowners.
Porting Your Virgin Money Mortgage When Moving Home
If you’re moving and want to keep your existing deal with Virgin Money mortgages, you can opt to port it to your new property, this is known as Mortgage Porting. However, this process should be approached with caution to avoid potential early repayment charges. If your current mortgage deal hasn’t ended yet, you might have to pay an early redemption fee, also known as an early repayment charge (ERC), for leaving early. By porting your mortgage, you could avoid this fee. You can keep the fixed-rate mortgage with the same monthly payment. If you need additional borrowing for your new property, you might be able to port your existing mortgage and get a new top-up rate. This could be for the same or longer term to ensure affordable monthly mortgage repayments.
A mortgage broker will be mortgage specialists providing expert advice on porting a Virgin Money mortgage. They can help you understand Virgin products and determine when your early redemption fee will end, guiding your decision to port or not port your existing rate and products to your new home.
Switching to a Different Lender
If Virgin Money declines your remortgage application or offers less attractive rates than another lender, switching might be worth your while. As this involves filling out a new mortgage application process with potential additional costs involved, it is wise to weigh your benefits against costs before deciding to switch lenders.
For guidance on whether it is best to switch lenders or not read guide on Remortgage Same Lender: A Comprehensive Decision-Making Guide
Increasing Your Mortgage for Home Improvements
If you’re planning significant home improvements, you might consider increasing your mortgage to cover the costs. Virgin Money offers additional borrowing options that could help finance your home improvement projects. However, it’s important to carefully consider your ability to manage increased mortgage repayments before proceeding with this option.
Frquently Asked Questions
Can I remortgage early with Virgin Money?
Yes, you can remortgage early with Virgin Money. However, you may have to pay an early repayment charge if your current deal hasn't ended yet. As existing mortgage customers with a Virgin money mortgage it's always best to check the terms of your current mortgage before making a decision.
Which bank is best for remortgage?
The best bank for a remortgage depends on your individual circumstances, such as your financial situation, the value of your property, and your long-term goals. It's always a good idea to speak with a mortgage broker who can help you compare offers from different lenders.
How much do you get if you remortgage?
The amount you can get when you remortgage depends on the value of your property and the amount of equity you have in it. The more equity you have, the more you could potentially borrow.
Is it better to remortgage now?
Whether it's better to remortgage now depends on your individual circumstances. If your current deal is about to end, or if interest rates are low, it might be a good time to remortgage. However, it's always best to get advice from a mortgage broker before making a decision. Remember you could risk losing your home, therefore get sound mortgage advice before you take a new deal.
Is it worth waiting to remortgage?
Whether it's worth waiting to remortgage depends on your individual circumstances. If your current deal is about to end, or if rates are low, it might be a good time to remortgage. However, if your current deal has a long time left or if rates are high, it might be worth waiting.
Is it hard to get a remortgage?
Getting a remortgage can be straightforward if you meet the lender's criteria and have a good credit history. However, it can be more challenging if you have a poor credit history, are self-employed, or have a complex income structure. A mortgage broker can help guide you through the process and find a lender that suits your circumstances.
Remortgaging with Virgin Money provides various opportunities, whether your goal is to reduce monthly payments, lock in a lower interest rate or fund home improvements. This guide has given a broad overview of Virgin Money’s Remortgage Options as well as their process and key considerations.
Are You Thinking About Remortgaging with Virgin Money? Working with YesCanDo Money as your mortgage broker could make the journey much smoother. Our team can assist in finding you a deal tailored specifically to meet your financial goals. Feel free to reach out and talk about what type of remortgage needs you have so we can determine how an innovative new deal could benefit you!
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