NatWest Intermediary Solutions has increased the maximum term and age at which borrowers may apply for a residential mortgage.

The lender is now offering 40-year terms and a maximum age of 75 years old.

NatWest says this applies to customers borrowing on a capital and interest basis and is open to product switches with additional borrowing, but not extending into retirement.

The changes are effective immediately.

Clarity Wealth Management mortgage specialist Samantha Bickford says: “Other lenders already offer a 40-year term so this brings Natwest in line with this. The more available mortgage options and choice out there for the client, the better.

“Many traditional lenders are recognising that many people don’t stop working when they reach state retirement age. Borrowers are living and working for longer, so a mortgage term up to age 75 from NatWest is very welcome.”

And Shaw Financial Services fonder Lewis Shaw comments: “Rather than the cost of living crisis, it seems this is more about coming in line with most mainstream lenders that allow this policy.

“It offers options to people who may still be sitting on interest-only mortgages, giving them a much-needed resolution to what can be a sticky situation if strategies to repay interest-only loans haven’t gone to plan.”