The Teachers Building Society has extended its maximum mortgage term from 35 years to 40 years.

Andy Yates, business development manager at the Teachers Building Society, said: “We are pleased to increase the maximum term to 40 years as this will help bring down the monthly mortgage costs for people buying a home.

“With high house prices and an increasing cost of living, saving money on monthly mortgage payments remains important to people buying a home.

“This change also comes following feedback from intermediaries working in the new build sector, where the 40 year term assists with affordability for those buyers purchasing via the Help to Buy equity loan scheme.”