In this section

All our standard 'everyday' mortgages have flexible features – from overpayments to payment holidays*. And if you want a little more freedom, we have a range of fully flexible mortgages too.

Flexibility features at a glance
 Everyday mortgagesFully flexible mortgages
OverpaymentsYesUp to 10% of the outstanding balance each calendar yearYesUnlimited so long as the balance is not paid off in full
Payment holidays*YesFollowing nine consecutive paymentsYesFollowing nine consecutive payments
Underpayments*YesProviding you have made overpayments
Borrow back*YesProviding you have made overpayments (£500 minimum)

*Flexible features must be applied for and are subject to the terms and conditions of your mortgage and Virgin Money’s prior agreement.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Overpayments

Make overpayments to save interest on your mortgage and repay years earlier with mortgages you’re okay to overpay.

Making overpayments is a great way of reducing the outstanding loan amount on your mortgage, which also means you’ll save on the amount of interest charged.

If you would like to pay a bit extra each month, or you would prefer to overpay with a lump sum, you can. Our everyday mortgages let you make overpayments of up to 10% of your outstanding balance per calendar year, with no Early Repayment Charge.

With our flexible mortgages you can make unlimited overpayments free of charge, as long as your mortgage is not paid off completely.

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, which in turn, will help you to pay off your mortgage earlier.

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

Use our overpayment calculator to work out how much you could save on your mortgage by paying it off quicker.

Read more about Overpayments

Payment holidays

Enjoy the flexibility to take a break from your monthly payments with mortgages that let you take a breather*.

All our mortgages let you apply to take a one-month payment holiday once you have made nine full payments in a row. We just need to agree to any payment holidays before you take them.

The maximum payment holiday period is three months – you can apply for this after 27 consecutive full monthly payments.

It’s worth remembering your outstanding balance will be higher because you are taking a payment holiday and interest will still be charged on your mortgage during the break. Taking a payment holiday will also increase the outstanding balance upon which future loan interest charges are calculated.

Read more about Payment holidays

Underpayments and borrow back

With our flexible mortgages once you’ve overpaid, enjoy the flexibility to underpay and borrow back with mortgages that let you give and take*.

With our flexible mortgages, if you’ve made overpayments, you can apply to make a lower monthly payment or stop your monthly payment until the overpayment is used up.

You can also borrow back some or all of the overpayments you’ve made - the minimum amount that you can apply to borrow back at any one time is £500.

Any money you borrow back will be charged interest at the same rate as your mortgage.

If you want to underpay or borrow any money back, we’ll need to agree to it first.

Read more about Underpayments and borrow back

Take your mortgage with you when you move home

Enjoy a flexible mortgage that moves home when you do.

Once you have a Virgin Money mortgage it’s really easy to take your mortgage with you when you move home – this is generally referred to as ‘porting’.

Depending on your mortgage, you may also be able to apply for additional borrowing at the same time, especially useful if you’re moving up the property ladder.

Read more about Take your mortgage with you when you move home

Freedom to Fix

Flexible mortgages which allow you to switch if you change your mind.

Our ‘Freedom to fix’ range offers a standard tracker mortgage that follows the Bank of England Base Rate. But you can switch to a fixed rate mortgage at any time during the deal period, without incurring an Early Repayment Charge – you just need to pay the product fee on the mortgage you are switching to, if there is one.

A great option for those that want to benefit from a tracker whilst interest rates are low, but with the peace of mind knowing you can change in the future.

Read more about Freedom to Fix

Other mortgage calculators and tools

Overpayment calculator

Work out how much you could save on your mortgage by paying it off quicker.

Budget planner

Work out how much you can afford on mortgage repayments.
 

Jargon buster

Search our handy glossary alphabetically for the term you are looking for.

Like to talk to us?

Speak to one of our dedicated mortgage experts now.

0800 028 5277

We're here:
8am – 8pm, Monday to Friday,
9am – 3pm, Saturday,
10am – 3pm, Sunday.

Arrange a call back

To arrange for one of our team to call you back at a convenient time.

Arrange a callback  Link opens in a new window

Call charges and information

NumberCost
03 numbersSame as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbersMaximum of 7p per minute, plus your phone company's access charge.
087 numbersMaximum of 13p per minute, plus your phone company's access charge.
0800 numbersFree from UK landlines and personal mobile phones.

Calls may be recorded for training and quality purposes.