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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
