Accord Mortgages is now offering a maximum term of 40 years and extending the age limit for applicants to 80 years old.
The changes are in response to growing demand for mortgages which accommodate the evolving demands and demographics of homeowners and house buyers, the lender said.
Data from the Building Societies Association (BSA) showed 43 per cent of new mortgages were for terms over 25 years in the first half of 2017, and between 2015 and 2017, there was a 162 per cent increase in mortgages maturing between ages 79 and 84.
Nicola Alvarez, corporate account manager, 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 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,” she added.
Earlier this week, the lender rolled its Mortgage Sales and Originations (MSO) platform out to all registered brokers, offering a 24 hour turnaround on residential applications.
Features of the platform include online decision in principle (DIP) certificates, uploading of documents at DIP stage, real-time case tracking and the ability to view and print offers.
Original source - Mortgage Solutions