There are many different companies that offer personal loans, one of which is Virgin Money UK. It is possible for Virgin Money Plc mortgage customers to borrow from £3,000 with a personal secured loan. The rate is variable while you are getting Virgin Money Secured Loan, and repayments can be made over 5 to 35 years, depending on the remaining term of a customer’s mortgage. Let’s have a look the features of secured loan.
To apply for a loan customers will have to be a Virgin Money Plc mortgage customer and approval of the loan will depend on certain requirements and status. The minimum amount of this type of loan is £3,000. The maximum is a combined loan amount of £2 million. The amount of the loan plus the current mortgage may not exceed 85% of the value of the property being mortgaged. This combined amount cannot exceed 75% on a buy-to-let loan.
A secured personal loan is a very flexible way to borrow money as customers can choose to overpay, underpay and take a payment holiday. However, this only applies if customers mortgage is flexible too.
Funds can be in applicants bank account the same day, once the loan has been approved. A £30 charge is made for this option. Alternatively, funds can be transferred free of charge. This can take between 3 to 5 working days. Moreover getting a loan depends on individuals’ affordability, income, status and the value of property.
How Much Will the Repayments Be?
Standard variable rate is 4.79%
Buy-to-let rate is 4.99%
As an example when applicants borrow £10,000 loan for home improvements and repayments will be made over 10 years.
The repayments details are as follows:
Representative APR is 4.79%
Monthly repayment will be £105.04.
Total amount to repay will be £12,605.04
Please note that you will be asked to pay £199 for Additional borrowing administration fee.
How to Apply for Loan
To apply for a loan customers will need to contact Virgin Money customer support. Telephone lines are open 8am to 8pm, Monday to Friday. On Saturdays the times are 9am to 3pm. Contact is available on Sundays as well, from 10am to 3pm. It is also possible to request a call back from a customer representative. You may drop a line on 0330 134 7890.