Just over a year ago we were considering changing our mortgage to get a better deal I was intrigued by Virgin One’s advertising and decided to contact them. They claim that eight out of ten people would save thousand of pounds with this account. Obviously with a claim like this I had to find out more.
I initially contacted them by phone and found them to be very helpful and informative. After providing some basic information they gave me a personal illustration, giving details of what my mortgage account would be with them, and things then progressed from there. I was somewhat apprehensive about changing my current account over, which I had had with the same high street bank for 20 years, but things went smoothly and the Virgin One staff contacted us regularly with updates.
Virgin One is different to most other mortgage lenders because you put all your finances in one account, i.e. your current account, savings and mortgage are all operated from the same account. Interest on this account is calculated on a daily basis. This means that any money you have in the account that you haven’t spent is working towards paying off your outstanding balance. Because all your money is in the one place you are paying a single interest rate on everything you borrow. I thought this would be confusing but believe me it’s not!
So, how do you run the account? Well actually pretty much like an ordinary bank account. We have chequebooks, debit cards, and although they don’t operate like a high street bank you can use the majority of the high street banks to pay in or withdraw cash (and I’ve never been charged for this). At the outset a ‘borrowing limit’ is agreed and you then have flexibility over how much is spent/saved each month. Of course if you are reckless with your finances this may not be the account for you as it would be all too easy to go on a spending spree and ‘think about it later’ (by the way I’m not talking from personal experience here!)
Virgin One provides monthly statements, which are very informative although somewhat more complicated than your average statement from an ordinary current account. In addition to the statements telephonebanking can be used 24 hours a day, and I have always found the staff to be very polite and helpful whenever I have contacted them. The account can also be accessed online. The initial logging on process can be somewhat lengthy but this is mainly due to the many security measures, so this isn’t really a complaint just a nusciance at times. Another impressive feature is that any transactions completed by 5pm are shown on-line that same day.
Because Virgin One is part of the huge Virgin empire customers receive discounts and special offers on many other Virgin products (Virgin wine, flights etc).
We have now been running our account for almost a year and I am extremely pleased with the way things have gone. This type of account would not be suitable for everyone, but I now feel pleased to have broken away from the traditional type of mortgage account, and would recommend this to anyone out there considering changing their mortgage lender. If you want any further info there are lots of details at the website www.virginone.com.
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We are just in the process of changing over our accounts and mortgage to Virgin One. I've been feeling a little aprehensive about it so it was very comforting to read your excellent review. Cheers Gerry
jpass 02.01.2002 23:04
I have been tempted by one of these but on closer inspection I don't think I would benefit at the moment. I run a very 'tight ship' with money going out as soon as it goes in, so we would not get the benefit of reducing our debt at any point in the month. I have opted instead to pay extra off my mortgage each month, thus reducing the term considerably. It is amazing what a small amount extra can do. Glad this mortgage works for you and well done on writing such a good op about it. Jo
Advantages: Combines your current account, savings & mortgage & calculates interest daily on the combined balance. Also allows you to borrow back up to the initial advance at any time. Disadvantages: If you're not good at budgeting you might find you haven't paid it off by the end of the term (actually I don't think they'd really let this happen)
indychick_uk 26.03.2001 ·
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Review of Virgin Money Accounts
Advantages: Combines your current account, savings & mortgage & calculates interest daily on the combined balance. Also allows you to borrow back up to the initial advance at any time. Disadvantages: If you're not good at budgeting you might find you haven't paid it off by the end of the term (actually I don't think they'd really let this happen)
indychick_uk 26.03.2001 ·
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Ciao members have rated this review on average: very helpful
Review of Virgin Money Accounts
Advantages: Lower interest rates than other credit cards, stylish choice of card designs, widely used Disadvantages: Minimum payment of £25 is quite high. Additional charges can be costly, alot of additional post.
f1insidetrack 01.12.2009 (01.12.2009)
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Ciao members have rated this review on average: very helpful
Review of Virgin Credit Card
Jan 2nd, 2002
exceptional by (3%):
very helpful by (97%):
