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).
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
