Additional Borrowing

Make your goals a reality by releasing some money from your home.

As an existing Virgin Money customer, whether you fancy making home improvements or want to buy another property, you can apply to borrow additional money from your home or rental property.

 

What are my options?

Take out a loan alongside your current mortgage product

This is a loan at a different rate to your current mortgage product and has a variable rate of interest. This might be the best option if your mortgage is still within an introductory product period.

Securing a loan with your mortgage 

Transfer your existing mortgage and any additional borrowing to a new mortgage deal

This is where you switch your existing mortgage to a new product and borrow any extra you need at the same time, on the same interest rate.

A new mortgage deal with additional borrowing 

How much can I borrow and for how long?

  • The minimum you can borrow is £3,000.
  • The maximum depends on how much equity you have. If you have a residential mortgage, the total borrowing you can apply for (existing mortgage plus additional borrowing) is 85% of the property value. The maximum you can borrow is £2 million.
  • Buy-to-let customers can borrow a total (mortgage plus additional borrowing) of up to 80% of the property value, up to £1 million.
  • You can choose to pay back any additional borrowing over 5 to 35 years. That said, the repayment term of any extra borrowing can’t be longer than the term left on the original mortgage.
  • For residential mortgages, the maximum age at the end of the mortgage term is 75 years and 364 days.
  • For buy-to-let mortgages, the maximum age at the end of the mortgage term is 85 years and 364 days.
  • Lending is subject to affordability, income confirmation, status, and a satisfactory valuation of the property. Policy restrictions and terms and conditions apply.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.