Virgin Money Holdings (UK) Plc has been seen emerging from the shadows as a potential challenger to the four main high street banks, having revealed the fact that its full year profit has more than doubled, as it has sold more mortgages.

The bank went public in November 2014, and shares are expected to enter the FTSE-250 this month. Partly owned by Richard Branson and Wilbur Ross, they had predicted that its share of the mortgage market would remain at just over three percent for a number of years into the future, despite fierce competition within the market.

January 2015 saw its share of the market at almost four percent, having reviewed data from the Bank of England, and its total mortgage balances rose by over 11 percent in 2014 to £21.9 billion, compared to just under 1.5 percent market growth.

Virgin Money sits among a group of newer banks that are expanding within the mortgage market and look to disturb the balance of power amongst the currently dominant high street lenders: Lloyds, HSBC, Barclays and Royal Bank of Scotland.

Working in the industry as a mortgage advisor, it will very much depend on your employer as to the mortgage product range you can advise on – unless you work as an independent financial adviser who can discuss a wider range of the mortgage market. Having finished your CeMAP training and passed the exam, you will be qualified to advise customers on the most suitable mortgage solution for their needs.

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