Barclays extends maximum mortgage term to 40 years
Barclays is the latest lender to extend its maximum mortgage term to 40 years up from 35 years.
The bank has also increased its term to 35 years for buy-to-let mortgages, up from 25 years.
Aaron Strutt, product director at Trinity Financial, says: “More of the lenders are offering longer mortgage terms of 40 years to make their mortgages more attractive.
"NatWest, Virgin Money, Leeds Building Society and Nationwide Building Society all provide long mortgage terms well past the traditional 25 years."
Clydesdale Bank has also announced the maximum term for residential repayment mortgages over 85% LTV will be 35 years. The maximum duration for residential repayment mortgages up to 85% loan-to-value remains at 40 years.
There is no change to our maximum term for residential interest only or BTL mortgages, where the maximum term remains 25 years.
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