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Virgin Money for Intermediaries is the latest lender to offer a super-cheap two-year fixed-rate mortgage.   

Virgin Money’s exclusive broker-only 1.16% mortgage is fixed until 01 November 2022 and it has a £1,495 arrangement fee. At the end of the fixed period, the rate reverts to the bank’s 4.34% standard variable rate, and the overall cost for comparison is 3.7% APRC representative.

This mortgage is available for property purchases and remortgages, and applicants will need a 35% deposit to qualify. The maximum loan size is £1 million the bank provides incentives when borrowers remortgage. In some cases, Virgin will provide £2 million mortgages.

Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a cheap fixed-rate then you have lots of options providing you have a deposit of at least 15% and a clear credit history. Most of the more prominent lenders have been lowering their rates as they look to attract new borrowers.

“Virgin Money is taking an average of 15 days from the date of application to produce a mortgage offer, and it is providing quick decisions in principle to let borrowers know if they are likely to qualify.”

Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed-rate for two years at 1.16% and then on a variable rate of 4.34% for the remaining 23 years, would require 26 monthly repayments of £966.05 followed by 276 monthly repayments of £1,338. The overall cost for comparison is 3.7% APRC representative. 

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

FAQs

How much will Virgin Money lend for a mortgage?

A maximum income multiple of 4.49 times single of joint salaries applies where one or more applicant is self-employed or a contract worker. This reduces to a maximum loan-to-income multiple of four times single or joint incomes for those applying for interest-only or part interest-only and part-capital repayment loans. For all other mortgages, a maximum loan-to-income multiple of 5 times single or joint salary applies. 

Does Virgin Money offer interest-only mortgages?

Virgin Money's residential mortgages are available on an interest-only basis up to maximum 75% loan-to-value or 65% loan-to-value if the repayment vehicle is the sale of the property. All of Virgin Money's buy-to-let products are available on an interest-only basis up to a maximum 80% loan-to-value.

To qualify for a residential interest-only mortgage, applicants must have a combined minimum gross income of £75,000 (including 100% of additional income such as bonuses and overtime). There must be a minimum £300,000 equity in the property where using the sale of a mortgaged property as repayment vehicle. Capital raising for debt consolidation is not permitted on interest-only.

Virgin Money does not currently offer interest-only mortgages to first-time buyers. 

Is Virgin Money offering mortgages to the self-employed?

Virgin Money is offering self-employed borrowers a mortgage but they will need to provide their last three months’ business bank statements to evidence continued turnover and provide a completed Self-Employed Supplementary Form. Each application will be assessed on a case by case basis and is subject to tougher checks than normal because of the coronavirus crisis.

Does Virgin Money offer mortgages to people with adverse credit?

Mortgage applications will be declined if the applicant has had recent arrears or had a CCJ whether it is satisfied or unsatisfied.

Applicants will also be declined where there is bankruptcy, sequestration or an IVA identified or pending.

In addition to the above customers must declare on the application if they have had a court order for non-payment of debt, or a mortgage, rent or loan arrears, or if they have been refused for a mortgage or other credit.

How many people can be on one mortgage application with Virgin Money?

The maximum number of customers per application is four although the loan size will be calculated on the income of the two highest earners.

Does Virgin Money offer longer term fixed rate mortgages?

Virgin Money provides a selection of fixed-rate mortgages including two, three, five, seven, ten and 15-year rates. The bank does not currently provide any tracker rates.

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