View more on these topics

Virgin set for mortgage return

Virgin Money is planning to re-enter the UK mortgage market.

The company is expected to market its mortgages direct to consumers and target the same, younger demographic it does with all other Virgin Money products.

Virgin first launched onto the mortgage market in 1998 with the Virgin One account, which combined a current account with a mortgage, but since Virgin One was bought out by Royal Bank of Scotland in 2001, the company has had no presence in the market.

ING launched a directly sold mortgage last year which has proved to be an agg-ressive competitor to intermediaries.

Virgin Money spokesman John Franklin says: “We have been looking tentatively at re-entry to the mortgage market since the sale of The One Account but are happy to be patient until we can find the right proposition for customers and partners for such a venture.”

John Charcol senior technical director Ray Boulger says: “I hope that Virgin Money would offer the product through intermediaries as well as direct but their business model is direct.

“Lenders which deal direct need a big branch network, some market-leading, competitive products or to spend a lot of money on advertising. If they do not sell through intermediaries, they do not have the same discipline of having to be competitive all the time.”


FSA to force lenders to justify increases to exit fees

The FSA is to force lenders to justify exit fee charges above the amount charged when the customer originally entered into the mortgage, took out a further advance or changed products.The move also paves the way for past customers to recieve a refund when they have paid a higher exit fee than originally agreed as […]

Standard Life chief apologises for racist blunder

Standard Life life and pensions chief executive Trevor Matthews has apologised after a member of staff complained about his public use of a racist phrase.Matthews used the phrase while addressing over 550 Standard Life staff at a meeting organised by Amicus yesterday in Edinburgh to discuss changes over the company pension scheme. In response to […]

European Court of Justice rules Government’s pension protection inadequate

The European Court of Justice has ruled the Government’s protection for those who lost their pensions when schemes went bust was ‘inadequate’, but fell short of ordering compensation.The case will now go back to the UK High Court which could then order compensation to the estimated 125,000 people who lost out when their occupational schemes […]

The chief exec stakes

Paul McMillan assesses the odds on some of the FSA contenders.

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm