Yorkshire Bank is part of Virgin Money UK PLC which is one of the UK’s leading banking groups. Yorkshire Bank has a strong personal customer base and business banking capability through a UK-wide network.
They believe in helping their customers that may need assistance with their day-to-day banking and supporting their local communities which are at the heart of their banking. Offering their customers the ability to bank easily online and support for businesses, Yorkshire Bank has a range of finance options for all of their customer’s needs.
Yorkshire Bank joined forces with Virgin Money to bring the brands together. From August 2020, existing loan customers will be rebranded to a Virgin Money personal loan.
New applications for personal loans can be made with Virgin Money on their site. Existing customers of Yorkshire Bank will continue to make payments as usual and manage their loan account as they do now.
A personal loan with Virgin Money is flexible, allowing their customers to borrow from £3,000 to £25,000, with repayment terms over one to five years. If the customer is borrowing £7,500 or more (and less than 50% is to pay back an existing loan), the customer may have the option to repay up to seven years.
Existing customers can borrow from £1,000 to £35,000.
A representative example offered by Virgin Money is a loan of £5,000 with the total amount payable at £5,091.61 (including £91.61 interest). Monthly repayments of £424.31 and a repayment term of 12 months.
The fixed interest rate per annum for this example is 3.4%, with a representative APR of 3.4%.
All loans are subject to status and eligibility and the customer must be over 18 and a UK resident to apply. The interest rate offered is based on the loan requirements and individual circumstances.
The minimum rate offered is 2.9% APR and the maximum rate is 28.9% APR.
There is no charge for arrangement fees on personal loans with Virgin Money and the interest rate is fixed. This is an unsecured personal loan, so Virgin Money won’t secure the loan against the customer’s property.
The customer won’t necessarily need to bank with Virgin Money in order to apply for one of their personal loans, but they will need to meet the following criteria:
- Be 18 or over
- Have a good credit rating
- Have a UK bank account
- Have a debit and/or credit card
- Live in the UK
The customer can check their eligibility for the loan without making a full application and without causing any impact to their credit score by using Virgin Money’s eligibility checker which is available on their website.
The customer can pay back more or repay early with their existing Yorkshire Bank loan. Up to 58 days interest on the amount the customer repays will apply.
For those who wish to increase the amount of money they borrow, a new separate loan can be applied for with Virgin Money. This will mean two separate repayments which may be at different times.
Any questions regarding Yorkshire Bank’s merge with Virgin Money and the impact this could have on new and existing customers can be gone through with their customer service team by calling the number on their website.
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Other Financial Services
Yorkshire bank does offer their customers some other financial services to help them with their banking needs.
Any information that is required for customers wanting a new personal loan with Yorkshire Bank can be found by visiting Virgin Money’s page on personal loans.
Private banking is available to Yorkshire Bank customers who may have individual earnings over £75,000, joint incomes of £100,000 or investable assets of £100,000. For this type of banking, there is a £25 monthly fee.
Private banking customers are offered an exclusive residential mortgage rate that will be discussed with them through their Private Manager.
They are also offered exclusive access to an interest-only mortgage range, for mortgages against properties worth £400,000 or more.
Switch to a New Deal
If a customer’s current Yorkshire Bank mortgage is coming to an end there are no early repayment charges if they switch to a new deal online in the final three months before their current rate expires.
The process can be completed in three steps and if the following criteria are met:
- The customer still uses the property in the same way, e.g. it’s still their main home
- Their financial circumstances have not changed and they can continue to afford their mortgage payment
- The customer doesn’t want to change their borrowing amount and wants to keep the same term
- The mortgage term does not run beyond when they expect to retire from work and they have not incurred any mortgage arrears within the last 6 months
- The customer doesn’t want to add or remove any parties to or from the mortgage and they don’t want to change the repayment method
Yorkshire Bank Reviews and Ratings
Yorkshire Bank has received mostly average reviews across sites such as Trustpilot, Smart Money People and Reviews.io. The number of reviews is moderate, offering quite a representative look at Yorkshire Bank’s services.
Yorkshire bank does have an active Facebook profile which currently has 14,504 likes and is followed by 15,214 people.
They also had an account on Twitter, where they had 7,341 followers.
Some customers have received excellent customer service from Yorkshire Bank and have praised the empathy and friendliness offered to them by Yorkshire Bank staff.
Many customers have had difficulty with the slow pace of progression with Yorkshire Bank, and have found their internet banking system to also be slow and sometimes frustrating to bank with.
Trustpilot – 1.3/5 (Based on 393 reviews)
Smart Money People – 3.57/5 (Based on 121 reviews)
Facebook Reviews – 1.5/5 (Based on 279 reviews)
Reviews.io – 2.75/5 (Based on 4 reviews)
- Competitive interest rates for new personal loans
- No changes to existing loans
- Money deposited within two hour or by end of next day
- Fixed rates offered
- Large range of mortgages offered
- Large amount of negative reviews
- No longer accepting applications for a Yorkshire Bank personal loan
If you’re looking to compare offers on personal loans, then let HouseholdQuotes help you find the best loan available for you!
For more information on home improvement loans, read our guide.