Virgin Money has extended the maximum term for all its residential mortgages to 40 years.
In addition, Virgin Money has revised its affordability assessment for residential mortgages that are fixed for five years or longer.
These updates are expected to widen the scope for customers to secure the financing they need with terms that suit their individual circumstances.
Craig Calder, head of secured lending at Virgin Money, commented on the changes: “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.”
