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Virgin Money reports mortgage pipeline growth in quarter one

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  • 25/04/2017
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Virgin Money reports mortgage pipeline growth in quarter one
Virgin Money’s mortgage lending division has seen a busy start to the year as pipeline business rose 14% in quarter one compared to the previous period to reach £2.3bn, the bank reported.

Gross mortgage lending for the quarter was £2bn, representing a rise of 5% on the previous quarter.

The bank posted net mortgage lending of £0.9bn for the three months ended 31 March.

In a trading update to the London Stock Exchange, the bank said a reduction in unemployment and the continued growth of house prices since June 2016 had been positive for Virgin Money.

The bank praised its own ‘nimble approach’ to mortgage pricing and distribution in competitive segments of the mortgage market, which it said allowed it to deliver on volume and rate.

Its mortgage loan book grew 3% in Q1, compared to the previous quarter, from £30bn to £31bn.

Credit card balances grew by 8% quarter-on-quarter, from £2.5bn to £2.7bn.

Virgin Money said it continued to monitor the rise in consumer indebtedness closely and would continue to lend responsibly to its prime mortgage and credit card customers who are showing no signs of strain in the current environment.

A project to offer a new digital banking platform is currently underway, with a further update expected later in the year.

Its 2016 full year results showed gross mortgage lending of £8.4bn, up from £7.5bn in 2015 and £5.8bn in 2014.

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