Virgin Money “expect to enter the specialist BTL portfolio landlord market”Make Text Bigger
Boosting confidence in the industry Virgin Money is to enter portfolio Buy to Let mortgage market this year.
Virgin Money announced: “Overall, we achieved a market share of gross lending of 3.3% despite lowering volumes towards the end of the year to manage margins and protect returns in an increasingly competitive market.
“Further progress in our direct channel saw the number of mortgage applications increase by 12% from 2016 with the value of direct mortgages exceeding £1bn for the first time.”
“We also expect to enter the specialist buy-to-let portfolio landlord market during 2018.”
Despite attacks on landlords Virgin Money reports: “the Buy to Let market is expected to be flat as the recent regulatory and taxation changes weigh on customer demand.”
Jayne-Anne Gadhia,Chief executive for Virgin Money told Mortgage Solutions: “I am delighted to report that our customer focused strategy of growth, quality and returns continued to drive strong financial and operational performance in 2017.
“We generated market beating growth across our core products as we continue to capture high quality market share in mortgages and credit cards. We maintained our uncompromising focus on asset quality and we continued to improve our operating leverage.”
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