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Britannia increases maximum mortgage term to 40 years

Britannia Building Society is increasing its maximum mortgage term to 40 years in a bid to target first time buyers.

During the past year, the Society has placed greater focus on first time buyers with products such as its first time buyer mortgage and the share to buy scheme.

Britannia’s Member Business managing director Tim Franklin says: “As a responsible lender we have looked at ways for first time buyers to overcome initial affordability requirements and decided to review our existing 30 year mortgage. There will be the opportunity to reduce the mortgage term once they have found their feet on the property ladder.”

The new mortgages are available from Friday 17th November.

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