Virgin Money has cut its landlord and residential mortgage minimum term to five years from seven.  

The lender tells brokers that their client’s “chosen term has to extend beyond the initial product’s end date.   

“So, for instance, if a customer is looking for a five-year term, they would need to take a two, or three-year product.”  

In a short note to intermediaries, the bank adds that the move “will provide customers with more mortgage choice”.