Virgin Money, which employs 200 people in Norwich, reports record mortgage lending

The Virgin Money Lounge in Castle Street, Norwich. Picture: Denise Bradley

The Virgin Money Lounge in Castle Street, Norwich. Picture: Denise Bradley - Credit: Copyright: Archant 2012

Challenger bank Virgin Money has reported record mortgage lending but warned the EU referendum remained the largest source of domestic uncertainty.

The Newcastle-based group, which has a significant presence in Norwich, said mortgage lending was up 30pc year-on-year for the first quarter of 2016 to £2.1bn, bringing its market share to 3.4pc.

The EDP Top100 firm said residential mortgages were growing, but added buy-to-let lending would reduce in the second quarter, after the government introduced an extra 3pc stamp duty for second homeowners on April 1.

Chief executive Jayne-Ann Gadhia said: 'I am delighted to report it has been another excellent quarter for Virgin Money.

'We had a record start to the year for mortgages and our savings franchise continues to flourish with a strong inflow of cash ISAs.'


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And while the group warned over EU uncertainty, it said it was well placed to navigate the economic turbulence.

It comes as the group posted its second annual results after it floated in 2014, where it said pre-tax profits rose 109pc to £110.3m for 2015.

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Customer deposit balances grew by 12pc to more than £25bn.

The lender employs more than 2,500 staff, with 1,700 based in Gosforth, Newcastle, and 200 in Norwich.

Is your business reporting record growth? Email sabah.meddings@archant.co.uk

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