Teachers Building Society has extended its maximum mortgage term from 35 years to 40 years.
The extension to 40 years will help buyers with affordability as house prices remain high.
Andy Yates, Business Development Manager at Teachers Building Society, said: “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 buying a home.
This change also comes following 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.”
Buyers looking to take up the 40 year term have access to the full range of mortgages from Teachers Building Society subject to lending criteria - the maximum age of lending at Teachers remains 83*.
Mortgages from Teachers Building Society are available to teachers and education professionals in England and Wales including NQTS, teachers on supply and contract teachers.
To find out more about the range of mortgages available at Teachers Building Society, call 0800 378 669 or visit our website.
* Subject to affordability on lending where mortgage term exceeds the age of 70/retirement age.