Virgin Money has increased the maximum term for all its residential mortgages to 40 years.

In addition, the lender has also improved the amount it can lend, by updating its affordability assessment for residential mortgages that are fixed for five years or longer.

In a broker statement, Virgin Money said: “This means more of your customers are going to get the loan they need, at the term they want.”

The lender has updated its lending criteria and affordability calculator so brokers can establish straight away how much their clients can borrow.