Our everyday mortgage range offers the following flexible features:
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.
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 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.