You are here: Home - Mortgages - Buy To Let - News -

Mortgage rates will not fall further, warns Virgin

0
Written by: Adam Williams
09/03/2015
Virgin Money chief executive Jayne-Anne Gadhia has warned borrowers that mortgage rates are unlikely to fall further.

Mortgage rates have fallen to historic lows in recent times but the bank boss told borrowers not to wait for much longer if they want to take advantage.

Speaking to the Telegraph Gadhia (pictured) said that the financial restrictions placed on banks meant rates had little chance of falling lower.

“I would have thought that, given the capital position of banks and the leverage ratio, we’re probably in a place where it’s unlikely the price will go down further,” she said. “Certainly the market’s as competitive as I can remember it. The mortgage market has opened this year lower than it did last year, that’s fired competition.”

Figures released by the bank showed its mortgage balances grew 11.8% in the last financial year to reach £21.9bn. This means Virgin Money has around 4% of the total UK mortgage market.
“Our mortgage business remains high-quality, with an average loan-to-value of new lending of 67% and a buy-to-let exposure of around 15%,” Gadhia added.
“Impairments in our mortgage business reduced significantly during the course of the year.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
All in the family; Aviva and future partner beat profit forecast

Aviva and Friends Life, ahead of the £5.6bn merger that will create the UK's largest insurance, savings and asset management...

Close