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Virgin Money has signed a new contract with Hometrack, the leading provider of insight and intelligence to the UK mortgage market, to gain greater insight into the potential impact of climate change on its portfolio.

Building on their existing relationship, Virgin Money will benefit from an increased understanding of the impact of climate change on its mortgage portfolio, thanks to Hometrack’s Climate Change Risk analysis, provided in partnership with Ambiental and Terrafirma. Hometrack will also assist the bank as it works to meet ongoing regulation from the Bank of England.

As well as assessing the risk of climate change in the near term, Hometrack’s Risk Insights will assess how risk is forecast to develop across Virgin Money’s portfolio over time. This will equip Virgin Money with the best possible foresight on how to navigate the potential impacts from climate change risk in the years to come.

Mark Thundercliffe, Chief Risk Officer at Virgin Money, said: “The Climate Change Risk analysis along with other valuable insight from Hometrack that we will now receive will mean Virgin Money can better understand the risks and opportunities in the current market while also planning accordingly for the future.”

Commenting on the partnership, George Robbins, VP Commercial at Hometrack, said: “Changing regulation around climate change is one of the biggest challenges facing lenders in today’s market. Indeed, it’s an issue that is set to face the industry for the long term - it isn’t going to dissipate any time soon. We welcome Virgin Money’s appetite to address this challenge early on and will support them as they gain control of its risk exposure based on our market leading data and analysis.”