Mortgages  

Virgin Money mortgage lending hits new high

Virgin Money mortgage lending hits new high

Virgin Money has achieved record gross mortgage lending at the start of this year, up 30 per cent on the first quarter of 2015, to £2.1bn.

Residential gross mortgage lending increased by 35 per cent in the first three months of 2016, compared with the start of 2015, while buy-to-let (BTL) gross lending was up by 17 per cent.

Net mortgage lending was up 59 per cent during the start of this year, compared with the same period during 2015, to £1.1bn.

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Jayne-Anne Gadhia, chief executive of Virgin Money, said the volume of BTL lending was expected to reduce in the second quarter, compared to the volume written in the first quarter.

She added that Virgin Money entered the second quarter with a strong pipeline, and it continued to expect overall gross lending volumes to increase year-on-year in 2016.

The mortgage book comprised 82 per cent residential and 18 per cent BTL mortgages at the end of March.