Virgin Money has introduced changes to its lending policy today, informing brokers of its intention to lower its minimum mortgage term.
As part of these changes, the lender has lowered the minimum buy-to-let and residential mortgage term from seven years to five years.
Virgin said this change has been implemented in order to make it “easier for brokers to do business”, while providing customers with additional support.
The lender also reminded brokers that the new chosen term must extend beyond the initial product’s end date – for instance, if a customer is looking for a 5-year term, they’d need to take a 2-, or 3-year product.
