The West Bromwich Building Society (The West Brom) has increased its maximum mortgage term to 40 years from the previous 35 years. This extension applies to customers opting for a capital & interest residential mortgage.
Effective from today, 27th November, this policy change is accessible to borrowers both through mortgage brokers and direct applications.
Richard Scott, head of intermediaries at the West Brom, addressed the adjustment in terms reflecting current economic challenges: “The rising cost of living, combined with rate increases, has made it increasingly difficult for many people to afford to own their own home.”
He further added: “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.”
