Virgin Money has revealed its mortgage balances have exceeded the £20 billion mark.
Following the acquisition of Northern Rock in January 2012, Virgin Money began with £14 billion of mortgage balances and that figure has risen by 43% in just over two years. According to Bank of England Funding for Lending data it was the third largest net mortgage lender in the UK in 2013.
The book reflects a broad distribution throughout the UK, linked to population density, with the highest levels of lending in the South East and London, the lender said.
Other key facts from the period include that Virgin Money has helped:
- 72,000 households get a new mortgage or to move house
- 6,500 first time buyers own their first home
- 16,500 next time buyers move up the property ladder and into their next home
- 33,000 customers re-mortgage from another lender
- around 2,500 applications for Help to Buy schemes
Peter Rogerson, savings and mortgages director, said: “We are delighted to have surpassed the £20 billion 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.”