Accord Mortgages has increased its maximum term to 40 years and extended the age limit for applicants to 80 years old.
This comes as data from the Building Society Association (BSA) revealed that 43% of new mortgages were for terms over 25 years in the first half of 2017.
Nicola Alvarez, corporate account manager of proposition development at Accord Mortgages, said: “The needs of borrowers are changing and brokers have been asking for more options to help serve their clients.
“Longer terms can help improve affordability for first-time buyers to get the home they want and extending the maximum age takes into account increased life expectancy, people retiring later and parents and grandparents wanting to support the younger generation.
“We want our offering, combined with our common-sense approach to underwriting, to be as flexible as possible and provide a range of suitable products for brokers to consider with their clients based on their individual needs.”
Nick Morrey at John Charcol added: “Increasing the maximum term to 40 years will enable more people to borrow what they need to get a home that is theirs.
“Extending the age limit to 80 is also a positive step to provide more people who need some funding in later life alternatives to lifetime mortgage products.
“The fact that Accord is doing this is to be welcomed since, although there are plenty of smaller lenders offering both aspects, there are not many mainstream lenders.
“With the product range Accord offers, the lender could be a very viable option to both brokers and borrowers.”