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Virgin Money mortgage growth continues as balances top £20 billion

12/05/2014

  • Virgin Money mortgage balances have broken through the £20 billion landmark
  • Balance growth of 43% in just over two years
  • More than 72,000 households helped with a new mortgage or to move house

Virgin Money recently reported that during 2013 it had significantly outperformed market growth by increasing its mortgage balances by 17%. It now confirms that its mortgage balances have exceeded the £20 billion mark.

Following the acquisition of Northern Rock in January 2012, Virgin Money started its journey with £14 billion of mortgage balances and that figure has risen by 43% in just over two years. This makes Virgin Money one of the fastest growing mortgage lenders and according to Bank of England Funding for Lending data was the third largest net mortgage lender in the UK in 2013.

The profile of the mortgage book shows Virgin Money has provided mortgages to customers across the length and breadth of the country – in postcode regions ranging from Wick in the Scottish Highlands to Truro in Cornwall. The book also reflects a broad distribution throughout the UK, linked to population density, with the highest levels of lending in the South East and London.

Other key facts from the period include that Virgin Money has helped:

  • 72,000 households get a new mortgage or to move house
  • 6,500 first time buyers own their first home
  • 16,500 next time buyers move up the property ladder and into their next home
  • 33,000 customers re-mortgage from another lender
  • Support the Government’s Help to Buy schemes with around 2,500 applications

Peter Rogerson, Savings and Mortgages Director said:

“We are delighted to have surpassed the £20 billion milestone as we maintain our safe and responsible growth momentum. Looking forward we will continue to grow the business and work with our intermediary partners to help more customers achieve their home ownership ambitions, by offering a broad range of attractive products backed by a strong customer service proposition.”


-ENDS-

Media Contacts

Virgin Money Press Office
0191 279 4676 

press.office@virginmoney.com

NOTES TO EDITORS


About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products
  • Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders
  • Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.