Our mortgage features

Everyday mortgages

Our Everyday Mortgage range offers the following flexible features:

Limited overpayments

Whilst in your Early Repayment Charge period, you are able to make overpayments of up to 10% of your outstanding balance per calendar year without incurring an Early Repayment Charge.

Any overpayments will immediately reduce the loan outstanding, resulting in a saving in the amount of interest charged.

Payment holidays

You may apply for a one month payment holiday for every nine consecutive full monthly payments you make. The maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments.

Interest will continue to be charged during a payment holiday. Taking a payment holiday will also increase the outstanding balance upon which future loan interest charges are calculated.

When deciding if we will allow a payment holiday, we will assess your ability to repay the revised total mortgage balance and the associated monthly payments, based on your individual circumstances at the time. This will include an affordability assessment, which may require income verification. All payment holidays are subject to Virgin Money's prior agreement.

If you require a little more flexibility, you may be interested in our range of Fully Flexible Mortgages. These flexible products allow you to take advantage of a full range of mortgage features including unlimited overpayments, the ability to apply to borrow back, underpayments and payment holidays.

Please note that all flexible mortgage features are subject to terms and conditions.

Fully Flexible mortgages

Our Fully Flexible Mortgage range offers the following flexible features:

Mortgage overpayments

If you would like to pay a bit extra each month, or you would prefer to overpay with a lump sum, you can. With our flexible mortgages you can make unlimited, free-of-charge overpayments, provided that the mortgage is not redeemed in full.

As overpayments reduce the amount of money you have borrowed on your mortgage, this could result in a saving of the amount of interest charged.

Following receipt of an overpayment, your outstanding balance and the Interest charged will be recalculated.

Borrow back

If you have a fully flexible mortgage and you make overpayments which total at least £500, then subject to Virgin Money's prior agreement and you meeting our affordability requirements, you may be able to borrow back some, or all, of the amount overpaid.

The interest rate charged on any amount that you borrow back will be at your prevailing mortgage interest rate. The minimum amount that you can apply to borrow back at any one time is £500.

Mortgage underpayments

If you have a fully flexible mortgage and you make any overpayments, you may apply to make a lower monthly payment or stop your monthly payment. All underpayments are subject to Virgin Money's prior agreement and your mortgage not being in arrears.

Payment holidays

You may apply for a one-month payment holiday for every nine consecutive full monthly payments you make. The maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments.

Interest will continue to be charged during a payment holiday. Taking a payment holiday will also increase the outstanding balance upon which future loan interest charges are calculated.

When deciding if we will allow a payment holiday, we will assess your ability to repay the revised total mortgage balance and the associated monthly payments, based on your individual circumstances at the time. This will include an affordability assessment, which may require income verification. All payment holidays are subject to Virgin Money's prior agreement.

Please note: Not all of our mortgages come with these features. Please check your mortgage offer for details. If you would like to take advantage of our flexible features, we will look at your individual circumstances before any agreement is made. This will include an affordability assessment, which may require income verification. All flexible mortgage features are subject to terms and conditions.