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Virgin Money mortgage lending leaps in first three quarters

  • 15/10/2015
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Virgin Money mortgage lending leaps in first three quarters
Gross mortgage lending at Virgin Money increased dramatically in the first nine months of 2015 to total £5.5bn at the end of September.

The lender’s Q3 trading statement showed that gross mortgage lending grew by 38% in the nine months to 30 September, while net mortgage lending almost doubled to increase by 98%, rising to £2.6bn.

Virgin Money’s gross mortgage lending totalled £4bn in the nine months to the end of September last year, with net lending recorded at £1.3bn.

Mortgage balances at the end of September this year totalled £24.5bn, an increase of 12% from the £21.9bn recorded at year end.

Virgin money explained that sustained competition in the market stimulated by low swap rates meant the bank was under pressure to offer lower rates on its mortgage products.

Its statement added that retail deposits increased by 3% from 30 June 2015 to reach £23.7bn.

It’s market share of gross lending after eight months reached 3.5%.

Jayne-Anne Gadhia, Virgin Money’s CEO, said she was ‘particularly pleased’ with the performance of its mortgage business.

“I am delighted with the strong performance of the business in all areas in the first nine months of 2015.

“In summary, Q3 has seen a continuation of delivery on our promises on all key metrics. In the same way, we have continued to build out our capabilities and we have made further and considerable progress towards our long-term strategic objectives. We remain focused on delivering growth, quality and returns for the benefit of all of our stakeholders.”

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