The West From Building Society has increased its maximum mortgage term from 35 to 40 years for customers taking a repayment residential mortgage.

This policy change comes into effect from 27th November, and will be available through mortgage brokers and for customers making direct applications.

West Brom head of intermediaries Richard Scott says the move was designed to help borrowers with the increased living costs and stretched affordability. He says: “The rising cost of living, combined with rate increases, has made it increasingly difficult for many people to afford to own their own home.”

“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.”