Virgin Money retires Northern Rock brand

Aaron Strutt Image
The Northern Rock brand was officially retired earlier this week after Virgin Money announced the name will no longer be used. Virgin bought Northern Rock for £747 million in November 2011 and it pledged to expand the number of branches and make no further redundancies. The lender has competitively priced mortgages and some attractive lending criteria. They have also agreed mortgages of over £1 million previously. Their lowest two year fixed rate is 2.68% and this mortgage has a £995 arrangement fee. Borrowers will need a 40% deposit to qualify for this rate. Virgin Money is rumoured to be one of three lenders bidding for 316 branches of Royal Bank of Scotland following Santander's withdrawal from the £1.65 billion deal. October 19, 2012
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