Virgin Money: The birth of a mortgage lender

The Virgin Money buy-out brings with it both good and bad news, but it is the latter - the £653m loss to taxpayers - that will make all the headlines.

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The Virgin Money buy-out brings with it both good and bad news, but it is the latter - the £653m loss to taxpayers - that will make all the headlines tomorrow.

The "bad bank" - or Northern Rock Asset Management's mortgage book - is yet to be sold, so the losses are probably overstated, but the deal feeds £747m back to government coffers and creates a big, shiny new high street bank. Bidders including Paragon, Yorkshire and Coventry building societies fell by the wayside, but that's over now, along with any remutualisation hopes. A Virgin Money spokesman confirmed the deal and re-brand to Virgin Money will complete around the end of the year, but what does this mean for the mortgage market? The consensus is largely positive. Wilbur Ross, c...

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