Virgin One

Virgin One current account mortgages are great for a some people, but they are not suitable for a lot of people. They treat a mortgage like a big overdraft on a current account. Go to a cash point and get a balance update, and it will be a debit number with lots of zeros on the end. However, you can freely spend money up to a preset limit, and if you pay back money, then you don't pay interest on it. If you have money saved in a deposit account for a rainy day, you can pay it into your Virgin One account to reduce the interest you're paying on your "mortgage". This is particularly worthwhile because you don't pay tax on the interest ...  Read the complete review

We are currently looking into setting up a VirginOne account and, in fact, expect to complete the dealings during the next couple of weeks, subject to final details being perused and accepted. There are just a few things I would warn people about, if they are thinking of setting one of these up. The first, and most important point, is that VirginOne solicitors require your house to be registered on the Land Registry. Now, you might think, well that's obvious, but in fact it's likely that your house ISN'T registered if you have not moved home during the past ten to twelve years or more. That was the case with us, and ...  Read the complete review

I've had a Virgin One account for almost a year now. The concept takes a bit of getting to grips with, as you integrate your Mortgage and your Current account. The whole thing runs pretty much like a huge overdraft. The upside is that any positive balance in your account earns interest -and that goes towards paying your mortgage. Interest is assessed daily, so if your salary goes in at the beginning of the month, you're paying off your mortgage by leaving it there. You can make extra payments at any time. Online banking appears very secure -you initially log in with a code, rather than any name, and the console is easy and intuitive to use. If you need ...  Read the complete review