Virgin Money extends its maximum lending term to 40 years

The lender is also boosting affordability by changing its assessment of what you can borrow on some mortgages.

According to Virgin Money, the changes mean that more borrowers are going to get the loan they need, at the term they want.

The lender has increased the maximum term for all its residential mortgages to 40 years.

It has also improved the amount it can lend, by updating its affordability assessment for residential mortgages fixed for five years or longer.

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.”