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Coronavirus support for Virgin Money Mortgage customers

Frequently Asked Questions


I'm worried about paying my mortgage

If you are experiencing financial difficulties due to the current coronavirus situation you can request a mortgage payment holiday of up to three months. Please complete this short mortgage payment holiday form, we’ll take a look at your request and comeback to you over the next week to confirm when your mortgage payment holiday will start.

Our contact centres are extremely busy at the moment, so requesting a mortgage payment holiday online is the fastest way for it to be put in place for you.

It’s important to remember that interest will continue to be charged during your payment holiday. At the end of the payment holiday period, we will work together to agree the best way for you to repay any additional interest incurred and to make up any payments that have been deferred. We’ll discuss the most appropriate solution for your circumstances which could include increasing payments over the remaining term.

We will ensure that the payment holiday does not negatively impact your credit file.

If you are having trouble paying your mortgage, there are a number of ways we can help you.

In addition to our usual help, the Government announced that Lenders will offer mortgage payment holidays for up to three months for those impacted by coronavirus. If you would like to request a mortgage payment holiday please complete this short mortgage payment holiday form, we’ll take a look at your request and come back to you over the next week to confirm when your mortgage payment holiday will start.

Our contact centres are extremely busy at the moment, so requesting a mortgage payment holiday online is the fastest way for it to be put in place for you.

It’s important to remember that interest will continue to be charged during your payment holiday. We will write to you around three weeks before your payment holiday ends to confirm when your next payment will be due. This letter will confirm your new balance and revised payment - taking account of the interest that has been added during your payment holiday. If you would like to discuss alternative options, the letter will explain how you can get in touch.

We will ensure that the payment holiday does not negatively impact your credit file.

I want to understand more about a mortgage payment holiday

If you are experiencing financial difficulties due to the current coronavirus situation, please complete this short mortgage holiday payment form. We’ll take a look at your request and come back to you over the next week to confirm when your mortgage payment holiday will start. Our contact centres are extremely busy at the moment, so requesting a mortgage payment holiday online is the fastest way for it to be put in place for you.

It’s important to remember that interest will continue to be charged during your payment holiday. At the end of the payment holiday period, we will work together to agree the best way for you to repay any additional interest incurred and to make up any payments that have been deferred. We’ll discuss the most appropriate solution for your circumstances which could include increasing payments over the remaining term.

We will ensure that the payment holiday does not negatively impact your credit file.

A mortgage payment holiday is a period when your lender gives you permission to miss your regular monthly mortgage payments.

It’s important to remember that interest will continue to be charged during a payment holiday. Therefore, when your payment holiday ends, your overall mortgage balance and monthly payments may increase.

If you are experiencing financial difficulties due to the current coronavirus situation, the Government has announced that Lenders will offer mortgage payment holidays for up to three months.

If you are a landlord and your tenant is experiencing financial difficulties due to the current situation, you can apply for a payment holiday for up to three months to offer support to your tenant during this time.

We will be in touch once we review your request to confirm when your mortgage payment holiday will start. For most people, this will be their next regular monthly payment, but if this is close to the date that we review your request, your payment holiday may start the next month.

It’s important to remember that interest will continue to be charged during your payment holiday. At the end of your payment holiday we’ll recalculate your monthly payments – taking account of the interest added.

By spreading the cost of your payment holiday over the remaining term of your mortgage, the amount you will pay over the life of your loan will be more than it would have been had you not taken the payment holiday. The total amount you will repay to us could be higher than the amount stated in your Offer of Loan.

Yes, if you would like to discuss an alternative payment arrangement, please get in touch on 0345 602 8301 and we will be happy to help. We’re here from 8am to 5pm Monday to Friday, and 9am to 1pm on Saturday.

We will ensure that the payment holiday does not negatively impact your credit file.

No, your mortgage term does not change as a result of taking a payment holiday.

We will write to you around three weeks before your payment holiday ends to confirm when your next payment will be due. This letter will confirm your new balance and revised payment – taking account of the interest that has been added during your payment holiday. If you would like to discuss alternative options, the letter will explain how you can get in touch.

A payment holiday isn't always possible for every customer. Please call us on 0800 917 0037 and we can chat through your individual circumstances and explain why we were unable to approve your request. We’re here from 8am-5pm Monday to Friday and 9am-1pm Saturday.

Please call us on 0800 917 0037 and we'll be happy to take a look at your individual circumstances. We’re here from 8am-5pm Monday to Friday and 9am-1pm Saturday.

If you are currently in arrears please get in touch with us to discuss the options available to you. You can call us on 0345 609 9837 and we will be happy to help. We’re here from 8:30am to 5pm Monday to Friday.

If you need any help, or would like to discuss concerns about your new monthly payment please call us on 0345 609 9837 and we will be happy to help. We’re here from 8:30am to 5pm Monday to Friday.

I have recently applied for a mortgage with Virgin Money

Following updated Government guidance, property valuers are now able to carry out physical valuations in England. Where possible, we will continue to use a combination of Automated Valuations - a computer estimate based on previous sales prices and property value indices, Desktop Valuations and Physical Valuations.

Restrictions on the ability for surveyors to carry out physical valuations remain in place in Scotland and Wales. Where we are unable to progress a case because we require a physical valuation for a property in Scotland or Wales or where a valuation cannot be safely carried out, we will let you know.

We’re continuing to monitor the situation closely and we’re working hard to support as many customers as possible during these difficult times.

If you have exchanged contracts on a property purchase you can request that your Mortgage Offer is extended by 3 months. We're happy to take requests for a Mortgage Offer extension once there is less than a month remaining on the valid period of your offer.

The request will need to be made through your Solicitor, who can use the usual routes to contact us with the request. As a responsible lender we will need to ensure that the mortgage is still affordable so will need to see up to date proof of income.

When we review your request to extend your Mortgage Offer, we will base our decision on the mortgage product confirmed in your original Offer. If you want to change mortgage products, you will need to make a new mortgage application.

I have a question about a Product Transfer or Additional Borrowing

Yes - we have a range of products available to suit customer needs.

To apply for additional borrowing, please call 0345 605 0500 and we can chat through your individual circumstances. Please check here for our opening hours. Link opens in a new window

We may need to pause your request for additional borrowing if you have also applied for a payment holiday. We’ll be in touch if we need to do this.

Once your payment holiday has ended, you can apply for additional borrowing and your application will follow our usual process and criteria.

This is fine. Depending on the timing of your two requests, the Offer of Loan for your new product deal may not take into account any interest that will be added during your payment holiday.

We will write to you with details for both transactions and any changes to your account and payments.

As a responsible lender we must ensure that all lending is affordable, therefore we have taken the difficult decision not to consider any income from employment which is currently ‘furloughed’ to assess the affordability for additional borrowing. Additional borrowing requests can be considered once you exit the Job Retention Scheme. Any application for additional borrowing will be subject to Virgin Money lending policy and a satisfactory affordability assessment at the time.

As a responsible lender we must ensure that all lending is affordable, therefore we have taken the difficult decision not to consider any additional borrowing request from existing customers who have applied for the Government's income support scheme. Once you feel that you are no longer financially impacted by coronavirus, an additional borrowing request can be considered subject to Virgin Money lending policy and a satisfactory affordability assessment at the time of application.

I am an existing customer planning to move home

Yes, we’d be happy to discuss this further with you.

Please call 0345 605 0500 and we can chat through your individual circumstances. Please check here for our opening hours. Link opens in a new window

You would have been advised that you could either 'port’ your existing mortgage to a new property within three months, or have half of your early repayment charge refunded if you took out a new product deal.

Due to the current situation and restrictions on valuations, we have extended the ‘Porting’ window from three to nine months.

We are currently able to assess applications for the purchase of a new residential property up to 90% LTV, and the purchase of a BTL property up to 80% LTV.