Virgin aims for more than 3pc market share

Nia Williams

March 5, 2015

The lender’s mortgage balances increased to £21.9bn in the year, up 11.8% against market growth of 1.4%; net lending of £2.3bn gave it a a market share of 10.2%.

Mortgage arrears were low, with loans over three months in arrears of 0.31% compared with the latest industry average of 1.33%.

Jayne-Anne Gadhia chief executive of Virgin, said: “According to Bank of England data, in January we took almost 4% market share of mortgages, reinforcing our confidence in our strategy and in delivering our organic plan for growth.

“Despite an increasingly competitive market environment, we plan to continue to achieve a market share of annual gross mortgage lending of over 3%. We will build upon our existing high-quality mortgage business, without significantly increasing our risk appetite.

“We set out to be a credible and effective challenger to the large incumbent banks and I believe we have laid an excellent foundation on which to realise our ambition. We now rank in the top six of all UK net mortgage lenders and are among the highest rated retail banks in the UK by Net Promoter Score.

“Following the progress made in 2014 I am pleased to report that we expect to be admitted to the FTSE 250 on 20 March 2015.”

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