Teachers Buildings Society has extended its maximum mortgage term to 40 years.
The building society has increased the maximum term available on its products by five years.
The Society hopes the move will help bring down monthly repayments for buyers battling rising house prices.
Intermediaries in the building sector also say a 40-year term can help with affordability for buyers purchasing through the Government’s Help to Buy scheme.
It’s the latest shake-up to the group’s product range. Last month it launched a new fee-free Help to Buy mortgage with £400 cashback.
Teachers Building Society business development manager Andy Yates says: “This will help bring down the monthly mortgage costs for people buying a home. With rising house prices and costs of living, saving money on monthly repayments is important to anyone buying a home.”
The Society specialises in products for teachers and education professionals in England and Wales.