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Mortgages
An independent look at Virgin Money's mortgage range, covering eligibility, fees, and how they compare to other lenders. We're a broker, not a lender, so we can give you an honest assessment.
Virgin Money is a mainstream UK mortgage lender, now part of the Nationwide Building Society group, offering mortgages up to 95% loan-to-value (LTV) for buyers with a 5% deposit.
Virgin Money is a solid choice if you have a reasonable deposit and a clean credit history, but applicants with credit issues or those wanting full online account management may find better options with a specialist lender. Speak to an advisor to compare Virgin Money against a wide range of other lenders for your circumstances.
Our rating: 3.5 out of 5.
Virgin Money mortgages come from one of the UK's largest high-street lenders, now part of the Nationwide Building Society group. They're available to first-time buyers, home movers, and remortgagers, with options up to 95% loan-to-value (LTV).
In this review, we'll cover Virgin Money's mortgage range, eligibility criteria, fees, and how they compare to other lenders. We're a broker, not a lender, so we can give you an honest assessment and help you compare Virgin Money against a wide range of other providers.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
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Our advisors compare Virgin Money against a wide range of lenders to help find the right fit for your circumstances.
Virgin Money grew from a challenger brand launched in 1995 into one of the UK's largest retail banks. Following mergers with Clydesdale Bank and Yorkshire Bank, they now serve over 6.6 million customers across the UK.
In October 2024, Nationwide Building Society completed a £2.9 billion acquisition of Virgin Money. The Virgin Money brand is expected to continue operating until at least 2030, with a gradual integration into Nationwide planned. Virgin Money's business is expected to transfer legally to Nationwide during 2026, subject to court approval.
For mortgage customers, this means you'll continue dealing with Virgin Money as normal for now. If anything changes in the future, you'll be contacted directly with details.
Virgin Money mortgages are provided by Clydesdale Bank PLC, trading as Virgin Money. They're authorised by the Prudential Regulation Authority and regulated by both the Prudential Regulation Authority and the Financial Conduct Authority.
Savings held with Virgin Money are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, or £170,000 for joint accounts.
Virgin Money provides a range of mortgage products for different buyer types.
First-time buyer mortgages: options up to 95% LTV, meaning you could buy with just a 5% deposit. Both fixed-rate and tracker mortgages are available, with terms from 2 to 15 years.
Home mover mortgages: a full range of products for those moving up or down the property ladder. Existing Virgin Money customers can port their mortgage to a new property, potentially avoiding early repayment charges.
Remortgage deals: some products include a free valuation and cashback. Fee-saver options are available to reduce upfront costs.
Mortgages for landlords looking to purchase or remortgage rental properties. Virgin Money allows a maximum of 5 buy-to-let properties, with total borrowing capped at £3 million, available up to 80% LTV.
Green mortgages: pricing incentives for new-build properties with an energy efficiency rating of A or B.
Shared ownership: products for those buying through shared ownership schemes.
Fix and Switch: a 5-year fixed rate with the flexibility to switch to a new deal after 2 years without an early repayment charge. Useful if you want long-term rate security but don't want to be locked in.
Interest-only mortgages: available up to 75% LTV for borrowers with an approved repayment vehicle, such as a pension, investments, or a property sale.
Fix and Switch is worth a closer look if you're nervous about locking into a long fix. You get the security of a 5-year rate, but after 2 years you can move to a new deal penalty-free if rates have fallen. It's a genuinely different structure to a standard fixed rate, so ask your advisor to explain how it compares to your other options.
Virgin Money adjusts their mortgage pricing regularly in line with market conditions, so specific figures aren't published here. What's useful to understand is the structure of their range.
Virgin Money offers 2-year and 5-year fixed rates across a range of LTV bands, typically at 60%, 75%, 85%, 90%, and 95% LTV. At 95% LTV, generally only a 2-year fixed option is available.
Most products come with a choice between a standard fee (added to the loan or paid upfront) or a fee-saver option with little or no fee. Which works out cheaper depends on your loan size and how long you plan to stay on the deal, so it's worth asking an advisor to run the numbers for your situation.
Existing Virgin Money customers can usually switch to a new deal with the same lender through a product transfer, without a full new underwriting assessment. Fee and fee-saver options are typically available here too.
If your fixed or tracker deal ends and you don't arrange a new product, your mortgage moves to Virgin Money's standard variable rate (SVR), which is usually higher than their fixed deals. Some existing customers qualify for a discounted loyalty rate. Buy-to-let mortgages that revert also move to a variable rate.
Because pricing changes frequently, speak to an advisor for up-to-date figures before you apply.
The amount you can borrow depends on your income, deposit, and personal circumstances. Virgin Money uses income multiples to calculate maximum borrowing.
For standard employed and self-employed applicants, the maximum income multiple is typically 4.49x gross income. If you're remortgaging without additional borrowing (up to 85% LTV), this can rise to 5.5x.
Example: if you earn £50,000 a year, you could typically borrow up to £224,500 (4.49 x £50,000), before your deposit and other circumstances are taken into account.
For joint applications, Virgin Money combines both incomes before applying the multiple.
Virgin Money is a mainstream lender with fairly standard eligibility criteria.
Virgin Money accepts UK residents and foreign nationals. For applicants without indefinite leave to remain (ILR), maximum LTV is typically 85% (or 90% LTV if earning £75,000 or more), and you'll need a UK address history covering the past 3 years.
For joint applications where one applicant has ILR, borrowing of up to 95% LTV is possible with no minimum income requirement.
Employed applicants: a standard affordability assessment applies. You'll need payslips and a P60. Bonus and overtime income is considered, typically at around 60% of the value.
Self-employed applicants: a minimum of 2 years' trading history is typically required, along with SA302 tax calculations or certified accounts. Virgin Money can use an average of 2 years' income.
Virgin Money also considers non-standard income sources, including investments, trust income, and maintenance payments if received for 2 or more years.
Virgin Money is a mainstream lender, so they're best suited to applicants with a good credit history. They don't typically accept applicants with recent defaults or missed payments, an active debt management plan, or undischarged debt issues.
If you have credit issues, a specialist lender may be more appropriate, and an advisor can help you find one. If you're struggling financially or worried about debt, MoneyHelper (moneyhelper.org.uk or 0800 138 7777) offers free, independent guidance.
Virgin Money lends on most standard property types, including houses and flats, new builds (with green mortgage incentives for A/B-rated properties), ex-local authority properties, and leasehold (minimum unexpired lease varies).
They're more cautious with non-standard construction, short leases, and certain property types. Check their criteria or speak to an advisor if your property is unusual.
Self-employed applicants often assume a mainstream lender like Virgin Money won't work for them, but 2 years' trading history and certified accounts are usually enough. Where it gets harder is complex income, like a mix of dividends, rental income, and freelance work. If that sounds like you, ask your advisor to check specialist lenders alongside Virgin Money before you apply.
Understanding the full cost of a Virgin Money mortgage means looking beyond the interest rate alone.
You can usually add the product fee to your mortgage, but remember you'll pay interest on it over the term.
Virgin Money charges for property valuations, with the cost depending on the property's value. Some remortgage products include a free valuation.
Early repayment charges apply if you repay your mortgage or switch to another lender during your fixed or tracker period. These are typically highest in the first year of a deal and reduce over time. The Fix and Switch product is an exception, with an early repayment charge only applying for the first 2 years of a 5-year fix.
Most products let you overpay up to 10% of your outstanding balance each year without triggering an early repayment charge.
Your total cost will depend on your rate, term, and whether you add fees to the loan. Ask an advisor for a personalised illustration before you commit to a deal.
Virgin Money mortgages are available directly or through a mortgage advisor. Here's what the typical process looks like.
Virgin Money aims to issue offers within 10 working days of receiving a fully packaged application. Complex cases, such as self-employed applicants, unusual properties, or non-standard income, may take longer.
The application process
Decision in principle
A soft credit check gives an idea of how much Virgin Money might lend you, without affecting your credit score. You'll need details of your income, employment, estimated property value, and deposit. A decision in principle is typically valid for 90 days.
Full application
Once you've found a property, submit identity documents, income evidence (payslips and a P60, or SA302s if self-employed), 3 months' bank statements, and full property details.
Valuation and underwriting
Virgin Money arranges a valuation and their underwriters review affordability, credit history, and property suitability. They'll contact you or your advisor if they need more information.
Mortgage offer
If approved, you'll receive a formal mortgage offer, typically valid for 6 months (7 months for new builds).
Virgin Money's customer satisfaction scores are mixed. In Which?'s 2025 survey, they scored an average customer score and ranked in the top half of mortgage lenders, with four stars for customer service. On Trustpilot, they hold a score of around 3.4 out of 5 from over 12,000 reviews, though this covers all Virgin Money products, not just mortgages. Reviews on Smart Money People are similarly mixed, with some customers praising competitive rates and others reporting difficulties with customer service phone lines.
Common praise includes competitive rates, straightforward applications, and helpful branch staff. Common complaints relate to app functionality, difficulty making online overpayments, and telephone wait times.
As a Virgin Money mortgage customer, you can make payments by Direct Debit (collected on the 1st of each month), overpay up to 10% annually without charges by phone (though not currently via the app), view your mortgage online, request a payment holiday in certain circumstances, and port your mortgage when you move home.
Every lender has trade-offs. Here's a balanced look at where Virgin Money does well, and where they fall short.
Advantages
Disadvantages
Limited adverse credit options
If you have missed payments, defaults, or other credit issues, Virgin Money's mainstream criteria likely won't work for you. A specialist lender may be more flexible.
Online overpayment limitations
Unlike some competitors, you can't make ad-hoc overpayments through the app or website. You'll need to phone instead.
App reliability issues
Some customers report problems with the mobile app, including login difficulties and functionality issues.
Telephone wait times
Getting through to customer service can sometimes involve lengthy waits, according to customer reviews.
No guarantor mortgages
If you need a guarantor to boost your affordability, you'll need to look at other lenders.
Virgin Money sits alongside other major high-street lenders like Nationwide, HSBC, and Halifax. Across these lenders, maximum LTV is broadly similar at around 95%, and income multiples are comparable, typically around 4.49x to 4.5x standard, rising for some remortgage cases. Where lenders differ more is in online functionality and adverse credit flexibility. Virgin Money doesn't currently support online overpayments through its app, while Nationwide, HSBC, and Halifax do. All four lenders offer limited flexibility for applicants with adverse credit.
As sister companies within the same group, comparing them is interesting. Nationwide sometimes offers slightly different pricing, while Virgin Money offers more distinctive products like Fix and Switch. Nationwide currently has better online functionality and app reliability. For now, you can apply to either, but long-term their product ranges may merge.
HSBC offers competitive pricing and stronger online tools, but Virgin Money's Fix and Switch product gives unique flexibility. HSBC may suit those wanting a more established banking relationship, while Virgin Money appeals to those prioritising flexible product features.
First-time buyers with small deposits: 95% LTV products make Virgin Money accessible if you've saved a 5-10% deposit. Their fee-saver options keep upfront costs low.
Remortgagers seeking competitive rates: if you're switching from another lender, Virgin Money's pricing is consistently competitive, and free valuations plus cashback can reduce your switching costs.
Buyers wanting rate flexibility: the Fix and Switch product suits those who want long-term certainty but worry about being locked in if rates fall.
New build buyers: green mortgage pricing rewards those purchasing energy-efficient properties.
Adverse credit applicants: if you have recent missed payments, defaults, or debt issues, Virgin Money's criteria won't work for you. Speak to an advisor about specialist lenders.
Those needing guarantor support: Virgin Money doesn't offer guarantor mortgages, so if you need family help to boost affordability, look at lenders that do.
Tech-focused customers: if you want to manage everything via an app, including overpayments and instant account changes, Virgin Money's digital offering may frustrate you.
Self-employed with complex income: while Virgin Money accepts self-employed applicants, their criteria are fairly standard. Those with complex income structures might find more flexibility elsewhere.
Overall rating: 3.5 out of 5.
Virgin Money is a solid choice for mainstream mortgage applicants, particularly first-time buyers with small deposits and remortgagers looking for competitive pricing. Their Fix and Switch product offers genuinely useful flexibility, and green mortgage incentives reward energy-conscious buyers.
That said, they're not for everyone. If you have credit issues, need a guarantor, or want full digital account management, you'll likely find better options elsewhere. And while pricing is competitive, customer service experiences are mixed.
As a mortgage broker, we can help you compare Virgin Money against a wide range of lenders to find the option that best suits your circumstances.
When you speak to us, we'll assess your needs and circumstances, check whether Virgin Money is suitable, compare it against other available options, help you apply for your best choice, and support you through to completion.
Getting started
Common questions
Virgin Money is a reputable mainstream lender offering competitive pricing, particularly for first-time buyers and remortgagers. They ranked in the top half of Which?'s customer satisfaction survey with four stars for customer service. That said, if you have adverse credit or complex circumstances, a specialist lender may serve you better.
Virgin Money doesn't publish minimum credit score requirements, but as a mainstream lender, they prefer applicants with good credit histories. Recent defaults, missed payments, or active debt issues will likely result in a decline. If you're unsure about your credit, check your report before applying or speak to an advisor.
Typically 10-16 working days from full application to offer. Virgin Money aims to issue offers within 10 working days for fully packaged applications. Complex cases, such as self-employed applicants or unusual properties, may take longer.
A decision in principle uses a soft search that doesn't affect your credit score. A full application triggers a hard credit check, which appears on your credit report and could temporarily lower your score.
Yes, you can overpay up to 10% of your outstanding balance each year without an early repayment charge on most products. You'll need to phone to make overpayments, as this isn't currently available through the app or website.
For now, nothing changes. Virgin Money continues to operate as normal. The business transfer to Nationwide is expected during 2026, subject to court approval. If any changes affect your mortgage, you'll be contacted directly. The Virgin Money brand is expected to continue until at least 2030.
No, Virgin Money is a mainstream lender with standard credit requirements. If you have missed payments, defaults, or debt issues, you'll likely need a specialist lender. An advisor can help you find appropriate options.
Yes, Virgin Money accepts self-employed applicants with at least 2 years' trading history. You'll need SA302 tax calculations or certified accounts. The maximum income multiple is typically 4.49x. Those with complex income may find more flexibility with other lenders.
The maximum loan is £1 million for both residential and buy-to-let mortgages. Your actual borrowing depends on your income (typically up to 4.49x) and the property's value (up to 95% LTV).
Yes, up to 75% LTV for borrowers with an approved repayment vehicle. Acceptable vehicles include pensions, investments, and property sale (downsizing, up to 65% LTV). Interest-only isn't available for first-time buyers.
Contact Virgin Money when you've found a new property. If you're within 90 days of your product maturity, you can select a new product without an early repayment charge. The portable balance is evenly split between named parties if relationships change. You can apply for additional borrowing from the current product range if needed.
Typically a valid passport or driving licence, a utility bill for address verification, 2-4 recent payslips (or SA302s if self-employed), your latest P60, and 3 months' bank statements. Additional documents may be needed for complex cases.
Yes, including trackers without an early repayment charge that follow the Bank of England base rate. These give flexibility to switch without penalty, but mean your payments could rise if rates increase.
Virgin Money's standard variable rate (SVR) changes periodically in line with market conditions and Bank of England base rate movements. Some existing customers qualify for a discounted loyalty rate. If your fixed or tracker deal ends and you don't arrange a new product, you'll move to the SVR, which is usually higher than fixed-rate deals. Speak to an advisor or check Virgin Money's website for the current rate.
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