View more on these topics

Virgin and Skipton see mortgage volumes rocket

Money-Coins-Pound-Currency-Close-up-700x450.jpg

Virgin Money and Skipton Building Society have both significantly increased mortgage lending in the first half of the year.

Virgin lent £3.6bn in H1, a 44 per cent increase on H1 2014, while Skipton increased lending 31 per cent year-on-year to £1.9bn.

This gave Virgin and Skipton market shares of 3.7 per cent and 1.9 per cent, respectively, at the end of June.

Virgin’s average LTV was 66.9 per cent while Skipton’s was 66 per cent in the first half of the year.

Virgin Money made a profit of £55m in the first half of the year, up from £6.7m in the same period a year earlier. Its income increased from £213.5m to £254.4m over the same period.

Skipton reported a profit of £72.1m for the first half of the year, compared with £90m a year earlier. It blames increased costs and impairment provisions for its mortgage and savings division for the reduced profitability.

Recommended

DWP-Department-for-work-and-pensions-500x320.jpg

DWP scraps Pension Statement Service

The Department for Work and Pensions has scrapped its paper-based pension statement service as part of a migration to a new IT system. The Combined Pension Statement Service was launched as a voluntary initiative in 2001 to show savers their state pension and personal pension projections in one place. But the DWP says the service […]

Board-Room-Meeting-Room-Business-700.png
11

Bank adviser numbers slump as RDR and misselling scandals bite

Banks and building societies have slashed the number of front-line investment advisers they employ by almost a fifth in recent years in the wake of the RDR and numerous misselling scandals. Analysis published by regulatory consultancy Bovills shows the number of bank staff authorised by the FCA to sell investment products dropped 16 per cent […]

Woodford Neil WIM
2

Woodford and GARS funds lead investor rush to defensive assets

Investors having been buying increasingly defensive funds, with multi-asset funds seeing a surge of interest in June, according to FundsNetwork. Data from the platform shows that demand for multi-asset funds continued to grow last month, with Targeted Absolute Returns and the three Mixed Investment sectors being the third, fourth, fifth and sixth most popular sectors […]

Japan: mid-year review and outlook

By Chris Taylor, Manager of the Neptune Japan Opportunities Fund H1 2014 Economy: after a harsh winter that slowed activity in the economy, the main event of the first half of the year has been the debate over what impact the 1 April VAT hike from five to eight per cent would have; we are […]

UK: mid-year review and outlook

By Mark Martin, manager of the Neptune UK Mid Cap Fund, and Scott MacLennan, manager of the Neptune UK Opportunities Fund H1 2014• Equity markets continued to show strength: despite a strong rally in 2013 driven by a market-wide re-rating, equity markets continued to generate positive returns for investors. Economic activity continued to be stimulated […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment