Payment holidays are available once customers have had an Everyday mortgage with us for nine months and providing payments are up to date. These payment holidays can also be accumulated up to a maximum of 3 months and taken together, providing 27 consecutive payments have been made in full.
In addition Virgin Money also offers a range of Flexible Mortgages. They are the fully flexible alternative to our Everyday mortgages. They change to fit customer needs; as their lives change so too can their mortgage. Features include:
- Overpayments are unlimited and can be made regularly or as a lump sum, penalty free, providing the loan is not redeemed in full.
- Borrow back is available whereby customers can borrow back any previous overpayments (minimum £500).
- Underpayments are also a useful feature. If a customer has chosen to overpay, they then also have the option to apply to make lower monthly payments.
- Customers can even stop paying altogether until the overpayment is used up.
- Please note that all flexible features must be applied for and are subject to the terms and conditions of your client’s mortgage and Virgin Money’s agreement.
For more information speak to your dedicated BDM.
