Mortgage News
The West Brom ups max mortgage term to 40 years
The West Brom has increased its maximum mortgage term to 40 years, up from 35 years previously, for customers selecting a capital and interest residential mortgage.
The policy change comes into effect from 27 November and will be available for mortgage brokers and directly to customers.
According to Criteria Brain, there are around 54 lenders who offer 40 years as the maximum mortgage term and 14 lenders offer 35-year maximum mortgage term.
One lender apiece offers 25, 30, 41, 45 and 50-year maximum mortgage terms.
Richard Scott, head of intermediaries at the West Brom, said: “The rising cost of living, combined with rate increases, has made it increasingly difficult for many people to afford to own their own home.”
“This is the first time we’ve extended our maximum term to 40 years, and we hope that by doing so, the prospect of home ownership becomes more realistic for many potential borrowers through more manageable, lower monthly payments.”
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