Virgin Money’s mortgage lending stood at £56bn in the third quarter, a fall of 2.7% on the prior year.
According to the latest Virgin Money report, the lower mortgage lending reflected a “disciplined approach to trading to protect overall spreads, as well as the impact of higher redemptions given the rate environment”.
It comes off the back of mortgage lending reaching £56.6bn at the half-year mark.
The lender’s net interest margin (NIM) stood at 1.89%, which is down 0.04% compared to last year and 0.05% on half-year figures.
The fall in NIM was attributed to “lower contribution from cards’ effective interest rate (EIR) adjustments, partially offset by the reinvestment rate of the structural hedge”.
The firm said that it expected its proposed acquisition with Nationwide to complete in Q4 2024.
The report added: “Subject to the proposed acquisition completing, the group will recognise further transaction-related adjustments, but anticipates remaining well-capitalised as part of the larger Nationwide group.”
David Duffy (pictured), Virgin Money’s CEO, said: “Our strategy remains on track, with financial performance in line with guidance. We delivered continued growth in deposits and unsecured lending in Q3 and remain focused on developing innovative new products for customers and maintaining good momentum into Q4.
“The acquisition by Nationwide is progressing as anticipated with the recent CMA clearance, and we expect it to complete in the final quarter of the calendar year.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
