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Virgin Money mortgage balances top £20bn

  • 13/05/2014
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Virgin Money mortgage balances top £20bn
Virgin Money has increased its mortgage book to more than £20bn following a strong year of net mortgage lending.

The bank launched in January 2012 following the acquisition of Northern Rock with a mortgage book of £14bn. Following strong net lending and acquisitions in the last two years that figure has now topped £20bn for the first time.

Balances increased by 17% in 2013 alone, a figure Virgin said was ahead of its competitors in the market.

Since launch, Virgin Money has completed 72,000 mortgages, including 6,500 first-time buyer loans and a further 16,500 second-time buyers. It has also completed 2,500 Help to Buy applications in that time

The North East-based lender’s existing loans are most concentrated in London and the South East of England.

Peter Rogerson, savings and mortgages director said: “We are delighted to have passed the £20bn 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.”

Yesterday Mortgage Solutions reported on Virgin Money’s planned flotation this summer, a move expected to value the company at between £1.5bn and £2bn.

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