"By extending the maximum term to 40 years we’re providing borrowers with a greater range of choices to meet their individual needs, with a clear and simple policy."
- Craig Calder, head of secured lending at Virgin Money
Virgin Money has increased the maximum term for all its residential mortgages to 40 years.
Virgin has also improved the amount it can lend, by updating its affordability assessment for residential mortgages fixed for five years or longer.
In a note to brokers, the lender said the changes mean "more of your customers are going to get the loan they need, at the term they want".
Craig Calder, head of secured lending at Virgin Money, said: “By extending the maximum term to 40 years we’re providing borrowers with a greater range of choices to meet their individual needs, with a clear and simple policy.”
