In October 2024, Virgin Money and Nationwide Building Society became part of the same group.
We’re now working towards Virgin Money’s business becoming part of Nationwide on 2 April 2026, if the Court approves the transfer.
We’ll be working behind the scenes to make the transfer as smooth and seamless as possible. The transfer won’t change your day-to-day banking, and you can continue to manage your Virgin Money or Clydesdale Bank branded mortgage account in the same way as you do today. As we bring the two businesses together after the transfer, we may make some changes. If a change impacts you, we’ll give you plenty of notice and explain what it means to you.
The transfer will change your mortgage contract to replace Virgin Money with Nationwide, but this will not change the way your mortgage operates.
If you think the proposed transfer will have an impact on you, you have the right to object. You can call, email or write to us, and we will forward your objection to the Court if it’s easier for you. Or you can object directly, either by going to the Court hearing in person or by sending a legal representative to speak for you. See the 'How to contact us?' section below on how to get in touch.
We’d be grateful if you, and anyone else with an interest in the transfer, could take a few minutes to read our questions and answers below. They include some important information to help you understand what the transfer means for you and how to object if you want to.
In October 2024, Virgin Money and Nationwide Building Society became part of the same group.
We’re now working towards Virgin Money’s business becoming part of Nationwide on 2 April 2026, if the Court approves the transfer.
We’ll be working behind the scenes to make the transfer as smooth and seamless as possible. The transfer won’t change your day-to-day banking with us if you apply for a mortgage product but as we bring the two businesses together after the transfer, we may make some changes. If a change impacts you, we’ll give you plenty of notice and explain what it means to you.
If your mortgage completes before the transfer date, it will complete as a mortgage made by Virgin Money. If the transfer is then approved by the Court, it will then move your mortgage to Nationwide. If your mortgage completes after the transfer date, it will complete as a mortgage made by Nationwide.
If you think the proposed transfer will have an impact on you, you have the right to object. You can call, email or write to us, and we will forward your objection to the Court if it’s easier for you. Or you can object directly, either by going to the Court hearing in person or by sending a legal representative to speak for you. See the 'How to contact us?' section below on how to get in touch.
We’d be grateful if you, and anyone else with an interest in the transfer, could take a few minutes to read our questions and answers below.
Your mortgage account questions answered
No. The transfer won’t make any difference to your mortgage interest rate, the amount of your monthly mortgage payments or how you make your monthly mortgage payments.
If you have a mortgage where the interest is charged at either a tracker rate or a variable rate, the interest may change as it does today. If the interest rate does change your monthly mortgage payment will need to change too. We will let you know in the usual way and give you plenty of notice.
If someone gets in touch asking you to change how you pay your mortgage, it’s a scam. Stop all contact and call us right away. You can find our number at virginmoney.com/report-fraud.
The transfer won’t affect your Virgin Money mortgage product and features. It will change your mortgage contract to replace Virgin Money with Nationwide, but this will not change the way your mortgage operates.
No. There won’t be any change to your mortgage interest rate as a result of the transfer. Our variable rates won’t change to Nationwide’s ‘Base Mortgage Rate’ or ‘Standard Mortgage Rate’.
We’ll continue to manage the following rates as we do today:
- Virgin Money Standard Variable Rate
- Virgin Money Buy-to-Let Variable Rate
- Clydesdale Bank Standard Variable Rate
- Clydesdale Bank Offset Variable Rate
- Clydesdale Bank Offset Variable Investment Housing Loan Rate
Please remember that we regularly review our interest rates and can make adjustments, for example to respond to a change in the Bank of England base rate. We’ll always let you know before any rate change happens and give you the right amount of notice and explain what it means to you.
If your mortgage completes before the transfer date, it will complete as a mortgage made by Virgin Money. If the transfer is then approved by the Court, it will then move your mortgage to Nationwide.
If your mortgage completes after the transfer date, it will complete as a mortgage made by Nationwide.
If your mortgage completes after the transfer date, it also means the consolidation, cross default and all monies rights we have will apply to accounts you hold with Nationwide as well as those you hold with Virgin Money. The answers we've given to the General section Q35 – Q40 won't apply to you.
We expect the transfer date to be 2 April 2026. If this date changes, we’ll update our website at virginmoney.com/nationwide-transfer
We’re happy we’ve made you a mortgage offer. This is still binding, so it’s not being withdrawn or removed.
Most of the Terms of your mortgage documents won’t change, and we won’t send you any new paperwork.
The transfer means that wherever Clydesdale Bank PLC is mentioned, this will change to Nationwide Building Society after the transfer, which we expect to happen on 2 April 2026. If this date changes, we’ll update our website at virginmoney.com/nationwide-transfer
If your mortgage completes after the transfer date, it also means the consolidation, cross default and all monies rights we have will apply to accounts you hold with Nationwide as well as those you hold with Virgin Money. The answers we've given to the General section Q35 – Q40 won't apply to you.
No. We’ll let your solicitors know about the transfer and what it means for them and their clients when they complete the legal work for your mortgage.
No. We’ll keep your mortgage broker up to date with our plans. We’ll also fill them in on what the changes mean for them and their customers.
Yes. After the transfer, Nationwide mortgage products will remain a different brand. This means you can only change to a Nationwide mortgage product by doing a remortgage. A remortgage will trigger any early repayment charge that applies to your mortgage in the same way as it does today.
No. There are no changes to how you can make the payments on your mortgage. You’ll need to keep making mortgage payments according to your mortgage contract, just as you do right now.
No. All the charges and features will stay the same, including Terms about lump sum payments.
No. The transfer won’t impact how you pay your mortgage. You will still need to make your mortgage payments in the same way as you do currently.
Yes. You’ll still be able to request payment holidays, as set out in your mortgage contract.
No. Nationwide, Virgin Money and Clydesdale Bank are different brands. You cannot switch to Nationwide branded rates if you have a Virgin Money or Clydesdale Bank branded mortgage. If you’re coming to the end of your deal, we’ll write to let you know what options are available and how you can switch to a new deal.
Nationwide may move your Virgin Money buy-to-let mortgage to The Mortgage Works, a different company within Nationwide group, who specialise in this type of loan. If this happens, it will mean that you no longer qualify for membership – unless you qualify through a different product. Before any transfer happens, Nationwide will contact you with more information.