Virgin Money turns to RMBS again despite cheap FLS funding to come

Virgin Money, the bank that acquired Northern Rock’s performing mortgage book, is gearing up for a second RMBS this year from its Gosforth programme. It will be the first publically sold RMBS from a UK issuer that has signed up to the Bank of England’s Funding for Lending Scheme (FLS), showing that the cheap central bank money won’t put a stop to new deals.