Virgin Money cashing in on UK housing market with mortgage lending up 30% on last year
Lending: Virgin Money handed a record £2.1bn to homebuyers in the first three months of the year
Mortgage lending has surged at Virgin Money as the challenger bank seeks to cash in on Britain’s red-hot housing market.
It handed a record £2.1billion to homebuyers in the first three months of the year, up 30 per cent on the same period in 2015.
Buy-to-let lending was up across the banking industry as landlords rushed to pick up properties ahead of a stamp duty increase on April 1.
At Virgin, it rose by 17 per cent, but the bank saw even bigger increases in its residential loan book, which grew 35 per cent.
Total deposits at the bank stood at £26.3billion, up 4 per cent on the previous quarter.
Credit card balances rose by 15 per cent to £1.8billion.
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