Virgin One Flexible | Whats On Offer With the Virgin One Account?

Virgin One Flexible, Whats On Offer With the Virgin One Account?

The Virgin One Account is a current account mortgage or, as Virgin describes it, a secured bank account with the Royal Bank of Scotland. Virgin was the first to launch this type of mortgage in 1997. With the Virgin One Account, borrowers keep all of their borrowings in one account. However, they can get statements that show their finances in separate pots for current account, mortgage, savings and loans.

What's happened with the Virgin One Account?

The Virgin One Account is still active but is now trading under a new name "The one Account" We believe the reason for this was purely based on a marketing decision and reviews and products details of the Virgin One account (now The one Account) can be found from links on this website.

Up to date criteria can also be found by reading the new review articles.

Historically, if you had a Virgin One Account you would have had the following benefits:

A borrowing facility (of a minimum of £30,000), which was like an overdraft limit, set at up to 99 per cent of the property value. Virgin One Account holders could draw up to this limit at any time without any need to reapply. This limit would have reduced each year as the mortgage was repaid, though Virgin One Account holders could of chosen to keep the facility at the initial level throughout the mortgage term. Interest on the account was calculated daily and was applied once a month. The mortgage must have been repaid before the borrower retired. Virgin One Account holders also got a debit and Visa card on the account.

The interest rates on the Virgin One Account were always market related but since they are no longer available it seems pointless listing them here. There were no arrangement or application fees though although borrowers had to pay legal fees, money transfer fees and valuation fees.

Borrowers could of transferred other borrowings through loans and credit cards to their Virgin One Account. This meant that they paid the same rate of interest on all their borrowings. The Virgin One Account was like other flexible mortgages at the time as it allowed borrowers to overpay, underpay, take payment holidays and let people pay off their mortgage early. (Underpayments and payment holidays could increase the mortgage term and/or the total amount payable)

Although the Virgin One Account worked best as an offset account, there was no requirement for borrowers to put all their savings, loans or credit cards in the account. In fact, borrowers could even keep their existing current account and make a monthly payment into their Virgin One Account.

Still reading the article?

If your still reading this article then we can only presume you are reading it as you initially took out a mortgage with The Virgin One Account. Sadly no one can help you now and if you have any questions relating to your existing mortgage we would ask you to contact the mortgage provider direct. If however, you are considering changing your Virgin One Account to a new lender then contact us now for the most current deals that are available.

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