Danske Bank UK has announced the launch of a 40-year mortgage term for residential mortgage customers.
The new term is open to all buyer types, including purchasers, home movers, and switchers.
The 40-year mortgage term is now available on Danske Bank’s Carbon Neutral Mortgage in Great Britain and all fixed-rate and tracker mortgages in Northern Ireland, subject to terms and conditions.
However, it will not be available on shared ownership schemes, such as Help to Buy or NI Co-Ownership.
Patrick Mullan (pictured), head of GB mortgages at Danske Bank UK, said: “We know that people continue to face issues around affordability and we’re keen to play our part in helping them on their home buying journey, particularly those looking to buy their first home.”
Mullan added that offering a 40-year term under the right customer circumstances could be the key to getting on the property ladder.
The range of products and features, including the ability to overpay, will help customers manage and reduce their mortgage term more effectively over time.
Outside Northern Ireland, Danske Bank UK mortgages are available only through brokers registered with Mortgage Advice Bureau and for homes with an Energy Performance Certificate of A-C in the East of England, South West, and South East, including London.
