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Santander for Intermediaries has increased its maximum term from 35 years to 40 years for borrowers taking capital repayment mortgages.

Longer mortgage terms tend to be popular with younger borrowers who are trying to reduce their monthly costs. Some of the lenders offer more generous affordability calculations if the repayments are pushed past the more standard 25-years although longer terms are not suitable for all borrowers.

When the sale of the property is used as a repayment vehicle, Santander's maximum mortgage term will be capped at 25 years. The maximum term for interest-only when an endowment or investment is being used the term has reduced from 35 years to 25 years.

Aaron Strutt, product director at Trinity Financial, says: "If you are taking a longer term and you find yourself in a better financial position when you come to remortgage, it is worth reducing the term so the debt is repaid much earlier. Many of the lenders allow overpayments enabling you to pay more each month to reduce the interest costs."

A selection of the lenders provide 40-year mortgage terms including Bank of Ireland, Clydesdale Bank, Halifax and Nationwide Building Society.

Buy-to-let term and maximum age

Santander has increased the maximum term on its buy-to-let mortgages from 25 years to 40 years. The bank has also raised the age the mortgage needs to be repaid by from the applicants 75th to 85th birthday.

Interest-only mortgages

Interest-only mortgages are still very popular with our clients because the monthly costs are so low. Large mortgages are incredibly cheap if you can secure an interest-only on a cheap fixed rate.

Call Trinity Financial on 020 7016 0790 to secure a longer mortgage term or buy-to-let mortgage

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