Virgin sees 38% lending growth following intermediary drive

Virgin Money says that a strong intermediary performance to-date has supported significant growth in its mortgage business, with gross mortgage lending growth of 38% in the first nine months of 2015.

Related topics:  Mortgages
Rozi Jones
18th November 2015
virgin money

As part of its commitment to intermediaries, Virgin's BDM team has held more than 76,000 partnership meetings so far this year to provide guidance, knowledge and support.

It has also pledged to provide mortgage offers within 10 working days of receiving a fully-packaged application, or give the customer £100. By processing applications as soon as they are received and instructing the valuation on day one, 95% of fully-packaged mortgage applications that went to offer did so inside the 10 day timeframe.

Intermediary partners have had access to Virgin Money’s full mortgage range throughout 2015 and have also had access to 25 exclusive products so far this year. Virgin has also committed to providing at least 24 hours' notice on all rate increases.

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages, said:

“Strong relationships with our intermediary partners are a key component of our mortgage proposition, which is why we clearly laid out our partnership commitments early in 2015. We’re delighted to say that we have stuck by all of them, and exceeded in a number of areas. Combined with a number of other improvements we have made this year, such as our policy app and improved online affordability calculator, sticking to these commitments has been an important factor in delivering the strong mortgage lending growth we have seen so far in 2015. I would like to thank all of our intermediary partners for their support during 2015.

“We plan to deliver further improvements in 2016 to continue growing and developing our mortgage proposition and supporting our intermediary partners.”

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