"The rising cost of living, combined with rate increases, has made it increasingly difficult for many people to afford to own their own home."
- Richard Scott, head of intermediaries at the West Brom
The West Brom has increased its maximum mortgage term to 40 years, up from 35, for customers taking a capital and interest residential mortgage.
The policy change comes into effect from today and will be available through mortgage brokers.
The change follows the recent announcement of two senior appointments, with Heather Hazley joining the Society as head of distribution and Gurvinder Glenholme taking on the role of head of strategy and partnerships.
Richard Scott, head of intermediaries at the West Brom, commented: “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.”
