Virgin ONE Account Mortgage

Zaox

I'm considering asking for a facility increase with them to cover some debt.

Has anybody had any success with this, I know they put the clamps on it a while back.

I have about £100k in equity and want £10k.

Thanks.

glosoli

If it's an off sale product then they probably wouldn't look to increase your limit but you should be able to convert the mortgage to a regular type and obtain additional borrowing.

Zaox

What's an "off sale" product?

afzaal1988

harrison22 wrote: »

What's an "off sale" product?

no longer available to new customers.

glosoli

An offsale product is simply a product which they don't offer anymore to new customers, whether it be a current account mortgage which I presume you have, or whether it be a regular Fixed mortgage for example which has a rate of interest which is no longer on sale.

In my experience when someone has a current account mortgage, and the lender no longer offers them to new customers, they are limited to what changes they can make to their existing account, and some changes will require the entire account to be converted over to a regular on sale product, i.e the ones you can see on the website, which means the current account facility will be entirely separate from the mortgage.

Normally if you have an existing regular mortgage, and you are looking for additional borrowing, then this can be set up as a separate account in it's own right with the existing portion being unaffected, but this generally doesn't apply when there is current account mortgages are concerned, as the way they are secured to a property/the legal aspect of it is slightly different than to that of a regular mortgage requiring the whole account type to be converted.

That being said, it may be different with Virgin Money, so it is worthwhile asking them directly.

getmore4less

OneAccount is the product

had a very bad reputation for years surprised anyone is still with them

Zaox

in what sense is it bad?

getmore4less

it was over priced for a product in the offset market.

what rate are you paying?

The market leader products from that era are currently round 1%-1.5% a few lucky people hit even lower