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Virgin Money reinvents itself with loan range

Virgin Money is planning to set up a range of mortgage products in a bid to capitalise on former sister company Virgin One losing the Virgin brand from its title at the end of the year.

Current account mortgage provider Virgin One has to rebrand by December 31 under an agreement struck between Royal Bank of Scotland and Richard Branson when the bank bought the mortgage business from Virgin and AMP last July.

Virgin Money, owned by AMP and Virgin, aims to exp-loit this move with a range of mortgages as part of its drive to reinvent itself as a massmarket financial services company rather than an Isa and pension provider.

It has recently started discussions with possible financial partners about the type of products it will dev-elop. Although it says no decisions have been reached, a current account mortgage is an option.

Virgin One, established in 1998, says it can continue using the name for existing accounts but a different brand will be unveiled for new customers later this year, which it claims will have the same “look and feel”.

It says the move will not result in any job losses and should be seen as chance for expansion, including growing the intermediary side of its business and diversifying into new product areas.

Virgin Money marketing manager Gordon Maw says: “The mortgage market is huge and we are planning to launch either a mortgage product or range, ideally in the new year.”

Virgin One marketing manager Scott Mowbray says: “We are working on something new and exciting but the One account will still exist.”


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