Virgin Money
BankVirgin Money is a UK challenger bank now owned by Nationwide Building Society, offering residential and buy-to-let mortgages with a focus on customer experience and competitive pricing. Known for its distinctive brand and Virgin Money Lounges, it brings a modern approach to mortgage lending.
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About Virgin Money
Virgin Money was founded in 1995 as Virgin Direct, offering financial products under the Virgin brand. The business grew through the acquisition of Northern Rock in 2012, gaining a banking licence and mortgage book. Virgin Money later merged with CYBG (owner of Clydesdale and Yorkshire banks) in 2018, and in 2024 was acquired by Nationwide Building Society.
Virgin Money brings a distinctive, customer-focused approach to mortgage lending. The brand is known for Virgin Money Lounges in major cities, offering a relaxed space for customers. The bank offers residential and buy-to-let mortgages with competitive rates and a focus on digital-first service.
As part of Nationwide, Virgin Money benefits from the building society's funding and scale while retaining its own brand identity. The acquisition has created one of the UK's largest mortgage providers. Virgin Money is regulated by the FCA and PRA.
Lending Focus
Virgin Money offers mortgage products across 2 categories including Residential, Buy-to-Let.
Key Features
- Part of the Nationwide Group with access to competitive funding rates
- Offset mortgage product linking savings to mortgage balance
- Fixed-rate products with fee-free and fee-saver options
- Strong intermediary distribution with fast service level agreements
- Overpayment flexibility and portable mortgage options
Pros & Cons
Pros
- Backed by Nationwide with access to competitive funding rates
- Offset mortgage available — not common among challenger banks
- Portable mortgage option allows you to take your deal to a new property
- Fee-free and fee-saver mortgage options available
Cons
- –No shared ownership or Help to Buy products
- –Limited physical branch presence — relies on Virgin Money Lounges and online
- –Maximum loan amount of £2 million may not suit high-value buyers
Fees & Charges
- Arrangement Fee
- £995 or fee-free options available
- Valuation Fee
- Free on most products
- Early Repayment Charge
- 1–5% during the initial deal period
- Overpayment Allowance
- Up to 10% per year without charge
Mortgage Rates
Rate data coming soon. View rates on Virgin Money
| Product | Initial Rate | Type | Initial Term | Revert Rate |
|---|---|---|---|---|
| 2 Year Fixed | TBC | Fixed | 24 months | TBC |
| 5 Year Fixed | TBC | Fixed | 60 months | TBC |
| Tracker | TBC | Variable | 24 months | TBC |
Application Process
- Processing Time
- 2–4 weeks from application to offer
- Online DIP
- Yes — available online
- Offer Valid For
- 6 months
Lending Criteria
- Maximum LTV
- 95%
- Max Loan Amount
- £2m
- Min Loan Amount
- £25k
- Rate Types
- fixed, tracker, offset
Frequently Asked Questions
Is Virgin Money part of Nationwide?
Does Virgin Money offer offset mortgages?
Can I port my Virgin Money mortgage to a new property?
What are Virgin Money Lounges?
How to Apply
Direct & broker access. Apply directly or via a broker for whole-of-market access. Find a broker
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Important: Your home may be repossessed if you do not keep up repayments on your mortgage. Information on this page is for general guidance only and does not constitute financial advice. Always verify lender details directly and seek independent advice before making financial decisions.