Company Overview
Virgin Money is a UK challenger bank that brings the innovative spirit of the Virgin Group to banking and financial services. Following its acquisition of Northern Rock and later merger with Clydesdale Bank and Yorkshire Bank, Virgin Money has established itself as a major player in the UK banking sector, offering innovative mortgage products and customer-centric services.
Key Highlights
- Founded in 1995, part of the Virgin Group family
- Major UK challenger bank with innovative approach
- Over 6 million customers across the UK
- Strong focus on digital innovation and customer experience
- Award-winning mortgage products and services
Virgin Innovation
Virgin Money brings the Virgin Group's innovative approach to banking, challenging traditional banking models with customer-first thinking and cutting-edge digital solutions.
Mortgage Products
Residential Mortgages
- Fixed-rate mortgages (2, 3, 5, and 10-year terms)
- Tracker mortgages following Bank of England base rate
- First-time buyer mortgages with low deposit options
- Help to Buy equity loan mortgages
- Shared ownership mortgages
- Remortgage products with competitive rates
- Green mortgages for environmentally friendly properties
Specialist Products
- Buy-to-let mortgages for property investors
- Commercial property finance
- Self-build mortgages
- Holiday home mortgages
- High-value mortgages for premium properties
Innovation
Virgin Group's innovative approach to banking
Customer Focus
Customer-centric services and support
Digital Excellence
Award-winning digital banking platform
Competitive Rates
Market-leading mortgage rates and deals
Key Features & Benefits
Virgin Money Advantages
- Virgin Group innovation and customer-first approach
- Competitive mortgage rates and transparent pricing
- Award-winning digital banking and mobile app
- Comprehensive range of financial products and services
- Strong challenger bank mentality driving innovation
- Excellent customer service and satisfaction ratings
Digital Banking Excellence
- Industry-leading mobile banking app with rich features
- Seamless online mortgage application process
- Digital account management and real-time tracking
- Advanced security features and fraud protection
- Personalized financial insights and budgeting tools
- 24/7 digital customer support and live chat
Advantages
- Virgin Group innovation and brand trust
- Excellent digital banking platform
- Competitive mortgage rates and products
- Strong customer service reputation
- Innovative approach to banking solutions
- Comprehensive product range
Considerations
- Smaller branch network than major banks
- Newer challenger bank with shorter history
- Limited specialist lending products
- May have stricter lending criteria
- Processing times may vary by complexity
Lending Criteria
Eligibility Requirements
- Age: 18-75 years at application, maximum age 80 at end of term
- Income: Minimum £20,000 per annum for residential mortgages
- Employment: Employed, self-employed, or retired with proof of income
- Residency: UK residents with at least 3 years UK address history
- Deposit: Minimum 5% for residential, 25% for buy-to-let
Assessment Criteria
- Maximum loan-to-income ratio of 4.5 times annual income
- Comprehensive affordability assessment including all expenditure
- Credit score and history evaluation with detailed checks
- Stress testing at current rate plus 3% buffer
- Property valuation and location risk assessment
- Individual assessment approach for complex cases