The Ultimate Virgin Money Remortgage Guide
Whether you’re looking to lower your monthly payments, secure a better interest rate, or release equity from your property, this guide provides all the details you need to make an informed decision.
As mortgage brokers, we aim to equip you with all the information and advice necessary to make informed decisions regarding your mortgage options. We strive to provide comprehensive information and helpful mortgage advice, ensuring you feel confident and supported.
Current Virgin Money Remortgage Rates
Below is a rates table for all the current Virgin Money mortgage rates. Click on the purchase button and change to Remortgage to view the current Virgin Money remortgage rates.
Discover Your Best Rate: Mortgage Comparison Tool
Every individual’s financial story is unique. Why settle for generic rates? Our advanced mortgage comparison tool, combined with our friendly mortgage advice, ensures you get a mortgage rate that feels tailor-made for you.
We delve deep into offerings from over 90 lenders, ensuring you get the best rate for your situation. We search the whole mortgage market, looking at the overall cost for comparison of the mortgage, considering product fees.
Benefits of Using Our Tool:
Comprehensive market scan
Personalised rate recommendations
Access to exclusive deals
Warm, fee-free advice from our dedicated team
Virgin Money Remortgage for Existing Mortgage Customers
Virgin Money offers various remortgaging solutions tailored to meet their customers’ specific needs and circumstances. Below are seven reasons why sticking with Virgin Money may be beneficial.
7 Benefits of Virgin Money Mortgage Rate Deals for Existing Customers
- Early Deal Reservation: 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, saving you money.
- Quick Rate Switch: In most cases, secure your new mortgage rate within hours, ensuring a swift and seamless transition.
- Comprehensive Eligibility Check: We determine your mortgage balance and current property value, provide all available rates, and advise on the best option for your needs.
- No Credit Check Required: A new Virgin Money mortgage rate is available to you regardless of your recent credit history, ensuring accessibility.
- Adaptability to Circumstances: Even if your income has decreased or one borrower is no longer working, we can arrange a new Virgin Money mortgage rate to fit your situation.
- Free Basic Valuation: We obtain a property valuation from Virgin Money the same day at no cost, simplifying the process for you.
- Solicitor-Free Process: Finalise your new Virgin Money mortgage rate without needing a solicitor, making the process quicker and more convenient.
Product Transfer
As soon as it comes time to remortgage, contact our team. We will discuss your mortgage options 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.
- Less Paperwork: Avoid the extensive documentation required when switching lenders.
- Lower Fees: Typically involves fewer fees than switching to a new lender.
- Simpler Process: Stay with the same lender, making the transition smoother and quicker.
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 port it to your new property. This is known as Mortgage Porting. However, this process should be cautiously approached 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.
- Avoid Early Repayment Charges: Potentially save on fees by transferring your mortgage.
- Retain Favorable Rates: Keep your current fixed-rate mortgage.
- Simplified Process: Avoid the complexities of taking out a new mortgage.
- Potential Additional Borrowing: Opportunity to top-up your mortgage if more funds are needed for the new property.
Increasing Your Mortgage for Home Improvements
If you plan significant home improvements, you might consider increasing your mortgage to cover the costs. Virgin Money offers additional borrowing options to help finance your home improvement projects. However, it’s essential to carefully consider your ability to manage increased monthly payments before proceeding with this option.
- Access Additional Funds: Finance home improvement projects without taking out a separate loan.
- Increase Property Value: Potentially enhance your home’s value through renovations.
- Manageable Repayment Terms: Spread the cost over the mortgage term, making it more affordable than other borrowing options.
Switching to a Different Lender
Switching might be worthwhile if Virgin Money declines your remortgage application or offers less attractive rates than another mortgage lender. As this involves filling out a new mortgage application process with potential additional costs, it is wise to weigh your benefits against costs before deciding to switch lenders.
- Potentially Lower Interest Rates: Find more competitive rates with other lenders.
- Better Terms and Conditions: Access more favourable mortgage terms.
- Cost Savings: Potential long-term savings despite the initial switching costs.
Virgin Money Remortgage for New Mortgage Customers
Looking to remortgage away from another mortgage lender? Virgin Money offers various remortgaging solutions tailored to meet specific needs and circumstances.
Switching from a Different Lender
If you’re considering remortgaging to Virgin Money from another lender, several benefits exist. This switch can be strategic if Virgin Money offers more attractive terms or better rates than your current lender.
- Exclusive Rates for New Customers: Benefit from competitive rates offered specifically to attract new customers.
- Customised Mortgage Solutions: Access a range of mortgage products tailored to your financial situation and goals.
- Potential Cash Incentives: Take advantage of promotional offers, such as cashback deals for switching to Virgin Money and free standard legal costs.
- Improved Customer Service: Experience high-quality service and support tailored to your needs throughout the remortgaging process.
- A TREE PLANTED FOR EVERY MORTGAGE
When is a Good Time to Remortgage?
If your existing mortgage deal is about to end or has already moved to 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, which may provide access to more competitive interest rates and deals.
- End of Fixed Rate: Review your options when your fixed-rate period ends.
- Change in Property Value: Take advantage of an improved loan-to-value ratio due to increased property value.
- Market Conditions: Monitor market conditions for favourable interest rates and mortgage deals.
- Financial Goals: Align remortgaging with your financial goals, such as reducing monthly payments or funding renovations.
Virgin Remortgage Process
With the assistance of a mortgage broker, make your Virgin Money remortgage as efficient and stress-free as possible. Here’s a step-by-step guide of the whole remortgage process. Our fee free advisers will manage this all for you and update and support you throughout.
- 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. If you decide to remortgage, you’d need to borrow this amount.
- 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 credit application, 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
Our experienced mortgage brokers are the ideal starting point for the remortgage process. 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 to a range of deals not directly available. Brokers are mortgage specialists and, therefore, will be able to get you a mortgage deal with no valuation costs and with standard legal costs included. Don’t hesitate to reach out; our brokers are here every step of the way – let’s start this Virgin Money process together today.
Case Study: Successful Remortgage with Virgin Money
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.
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.
What is the current Virgin mortgage rate?
The current Virgin Money mortgage rates vary, us our rates table at the top of this page for current Virgin Money mortgage rates.
Is it good to remortgage now?
It depends on your circumstances, such as interest rates, fees, and financial goals. Consult with a mortgage advisor for personalised advice.
What are the pitfalls of remortgaging?
Potential pitfalls include fees, negative equity, higher interest rates, and not securing a better deal. It is recommended that you consult an independent mortgage advisor.
Can you be declined a remortgage?
Remortgage applications can be declined based on factors like creditworthiness, affordability assessments, and financial stability.
Experienced Remortgage Advisors
- FREE Mortgage Advice & Services Available
- We submit the mortgage application for you
- Team of expert online mortgage advisers
- Amazing communication via WhatsApp, email and SMS.
- Access to 90+ UK mortgage lenders
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
