Virgin Money is changing its residential product transfer process, with some customers whose deals mature from February 2027 able to switch onto a Nationwide product.
From 1 October 2026, eligible Virgin Money residential borrowers with products maturing from 1 February 2027 onwards will be directed through Nationwide for straightforward product transfers.
The existing Virgin Money process will remain in place for customers whose residential products mature on 1 November 2026, 1 December 2026 or 1 January 2027, as well as borrowers who are already paying the lender’s reversionary rate.
STRAIGHTFORWARD CASES TO MOVE ACROSS
Virgin Money said the Nationwide route will be available for straightforward cases, such as customers completing a straight balance swap.
Borrowers moving onto a Nationwide product will not undergo a credit check or valuation. Existing customer information will also be pre-populated within Nationwide’s online service.
More complex cases, including applications involving additional borrowing or a contract variation, will continue to be handled through Virgin Money’s existing product transfer process.
Customers will receive a letter about 120 days before their mortgage maturity date explaining whether their product transfer can be completed with Nationwide or should remain with Virgin Money.
Brokers will also be able to check which route applies through Virgin Money’s Product Transfer Checker.
RATES AND FEES TO REMAIN THE SAME
Virgin Money said Nationwide and Virgin Money will offer the same product transfer deals, including identical rates and fees.
However, some product features will differ between the two lenders. Virgin Money highlighted payment holidays as one feature that will not be available on Nationwide mortgages and said customers should review the mortgage offer before proceeding.
Intermediaries will continue to receive Virgin Money’s standard procuration fee regardless of whether an eligible client completes the transfer with Nationwide or remains with Virgin Money.
The lender’s product switching page will direct brokers to the appropriate Virgin Money or Nationwide online switching service once they have established which route applies to their client.
