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Teachers extends maximum term to 40 years


Teachers Building Society

Teachers Building Society has extended its maximum mortgage term from 35 years to 40 years as it looks to help buyers with affordability.

Homebuyers looking to take up the 40-year term will have access to the full range of mortgages from Teachers, subject to lending criteria.

Andy Yates, business development manager at Teachers Building Society, said the change followed feedback from intermediaries working in the new-build sector, where the 40-year term has assisted with affordability for those purchasing via the Help to Buy equity scheme.

“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.”

Teachers confirmed that the maximum age of lending would remain at 83.

The building society offers mortgages to teachers and education professionals in England and Wales.




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