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Virgin Money extends max term and improves affordability

  • 11/12/2023
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Virgin Money extends max term and improves affordability
Virgin Money has broadened the maximum mortgage term for all its residential mortgages to 40 years, up from 35 years previously.

According to Criteria Brain, there are around 57 lenders who also have 40-year maximum mortgage terms. Virgin Money has also updated its affordability assessment for residential mortgage fixed for five years or longer.

The firm said that this will allow more customers can now borrow up to maximum 5.5x loan to income limit.

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.”

In November, Mortgage Solutions reported that the lender had released purchase and remortgage exclusives and lowered rates across several ranges as well as takings its gross mortgage lending to £57.8bn (as of September 30).

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