Virgin Money sees strong mortgage growth

Ryan Fowler

November 1, 2016

Virgin Money saw a 19% increase in mortgage lending during the first nine months of 2016, the lenders latest figures have revealed. 

Between January and September mortgage lending increased by £6.5bn which, based on Bank of England figures, gives the challenger bank a 3.6% market share.

Virgin said it lending levels had remained strong despite the decision to leave the European Union.

House prices rise in the UK but London sees slowest growth

Jayne-Anne Gadhia, chief executive of Virgin Money, said: “We have been encouraged by the relative strength of the UK economy immediately following the EU referendum result although we continue to look forward with caution.

“We are well placed to manage potential economic headwinds and remain confident of achieving a solid double-digit return on tangible equity for 2017.”

The bank’s overall mortgage balance now stands at £28.9bn.

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