Our maximum term of the mortgage is now set by the age of the oldest borrower at the end of the term – with a maximum age of 95.

We’re pleased to let you know we have increased the mortgage term available to older borrowers on owner occupier repayment mortgages, including part and part mortgages where at least half of the loan is on repayment.

Borrowers with a mortgage on a repayment basis can now choose to reduce the outstanding debt over a longer term making the monthly payment more affordable. This will appeal to many retired borrowers who have found that, for whatever reason, they have not been able to repay their mortgage as quickly as they would have liked.

See our table below for examples of the new mortgage term that applies. The maximum term is the shorter of 40 years or the period until the oldest borrower reaches age 95.

Age of oldest borrower

Previous term (Still applies for interest only and Buy to Let)

New term for repayment and part and part mortgages

50

3340

55

28

40

60

24

35

65

20

30

70

16

25

75

12

20

80

9

15

856

10

900

5

You can view a full list of our maximum mortgage terms to download on our lending criteria page.

There is no change to owner occupier interest-only and Buy to Let applications where our maximum mortgage term is set by the age of the oldest borrower when the loan commences, with a maximum age of 89.

If you have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.