It also enhances its affordability assessment criteria
Virgin Money has announced updates to its mortgage offerings, including an extension of the maximum term for all residential mortgages to 40 years.
Alongside this adjustment, the lender has also enhanced its affordability assessment criteria for residential mortgages with fixed terms of five years or more.
The strategic move, Virgin Money said, aims to enhance lending opportunities, potentially facilitating increased access to loans for a broader segment of customers.
“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,” said Craig Calder, head of secured lending at Virgin Money.
For more details about the changes, brokers can check Virgin Money’s updated lending criteria and affordability calculator online.
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