Previously the maximum term available from the society was 35 years, but it has introduced the new 40-year term in response to house prices remaining high.
Andy Yates, business development manager at Teachers Building Society, explained: “We are pleased to increase the maximum term to 40 years as this will help bring down the monthly mortgage costs for people buying a home. With high house prices and an increasing cost of living, saving money on monthly mortgage payments remains important to people.”
The building society also said the change is a response to feedback from intermediaries working in the new build sector, “where the 40-year term assists with affordability for those buyers purchasing via the Help to Buy equity loan scheme”.
The maximum age of lending remains 83 (subject to affordability), and buyers looking to take up the 40-year term have access to the full range of mortgages from Teachers Building Society.
Mortgages from the mutual are available to teachers and education professionals in England and Wales including NQTS, teachers on supply and contract teachers.