First-time buyers are now able to spread their home loan repayments over 4 decades with Santander. But they are you too old for a loan that will span four decades?
Santander has extended the utmost loan term on its first-time buyer mortgages to 4 decades – Fifteen years more than the traditional 25-year term.
The move will give borrowers the opportunity to lower their repayments, which could make it easier for them to be accepted for any mortgage.
But Which? analysis finds that the maximum age limit on Santander's deals and other longer-term mortgages could mean older first-time buyers find it difficult to get one – and those who do qualify will pay thousands extra in interest.
Read on to learn more about 40-year mortgage terms from Santander, how young you have to be to qualify, and whether a longer-term deal may be worth going for.
Santander's 40-year mortgages
Santander has upped the utmost borrowing period on its mortgages from 35 years to 4 decades.
The change means a first-time buyer borrowing
