Virgin Money Launches Revised Affordability Lending Criteria

by | Monday 11th Dec 2023 | Mortgage News

Virgin Money makes changes to their mortgage affordability lending criteria

Virgin Money makes changes to their mortgage affordability lending criteria

In a significant development announced today, Virgin Money has adjusted its lending criteria, paving the way for potential homebuyers to secure larger mortgages and enjoy extended terms. As exclusive mortgage brokers and as part of the PRIMIS mortgage network, Oportfolio Mortgages personally received news of these lending criteria updates this morning, allowing many of our clients the opportunity to borrow larger loans where they otherwise might have struggled.

Virgin Money Makes Changes To Mortgage Term Lending Criteria

One of the key modifications introduced by Virgin Money today is the extension of the maximum term for all residential mortgages to an impressive 40 years. Although not the only lender offering 40-year terms on mortgages, this move from Virgin provides even more borrowers across the UK with increased flexibility in structuring their repayments, potentially reducing monthly obligations, and making homeownership more accessible.

Changes To Affordability Criteria

In addition to the extended term, Virgin Money has revamped its affordability assessment for residential mortgages fixed for a period of 5 years or longer. The adjustment aims to enhance the amount that can be lent to borrowers, ultimately expanding the pool of individuals who can qualify for a mortgage. This strategic move aligns with Virgin Money’s commitment to supporting more customers in achieving their homeownership goals.

According to the message received by Oportfolio from Virgin, the changes are expected to ensure that more customers secure the loans they need, tailored to their desired term. This update comes at a time when the housing market is experiencing increased demand, and affordability remains a crucial factor for potential homebuyers.

Exclusive Virgin Money Deals Through Oportfolio

Our brokers at Oportfolio Mortgages, as a trusted partner with Virgin Money, are uniquely positioned to offer exclusive rates to their clients. These rates, not available on popular comparison sites such as Martin Lewis’s Money Saving Expert, provide Oportfolio customers with a competitive advantage in the mortgage market.

“We are excited about the positive changes Virgin Money has introduced to their lending criteria. The extension of the maximum term and improved affordability assessment aligns with our commitment to providing our clients with the best possible mortgage options.” says Louis Mason, content and communications director at Oportfolio Mortgages.

The exclusive rates offered by Oportfolio Mortgages in partnership with Virgin Money present a unique opportunity for homebuyers to secure highly competitive deals. As the housing market continues to evolve, these exclusive rates may serve as a key differentiator for borrowers seeking optimal financial solutions.

Speak To a London Mortgage Expert Today

The collaboration between Virgin Money and Oportfolio Mortgages reflects a shared commitment to empowering individuals on their homeownership journey. If you want to see how we might be able to help you to get a competitive mortgage rate, then please feel free to give us a call or drop us an email today to get the ball rolling. We are here to help.

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If you have any questions about UK mortgage news or or anything you’ve read then please get in touch. We’d love to hear from you.

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