Danske Bank UK has launched a 40-year mortgage term for residential mortgage customers.

The new term is available to purchasers, home movers and switchers.

Customers can access the new mortgage term through Danske Bank’s carbon-neutral mortgage in Great Britain and all fixes and tracker mortgages in Northern Ireland.

However, the lender says the new 40-year mortgage terms will not be available on shared ownership schemes, such as help to buy or Northern Ireland co-ownership.

Danske Bank head of GB mortgages Patrick Mullan says: “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.”

“Under the right customer circumstances, offering a 40-year term will be the key to getting on the property ladder, and our range of products and features, including the ability to overpay, can help customers to manage and reduce their mortgage term more effectively over the coming years.”