Britannia Building Society has become the latest lender to increase its maximum mortgage term to 40 years. It said the move is part of its continuing commitment to help first-time buyers.

Tim Franklin, managing director of Britannia's member business, said: "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 17 from most professional advisers like www.Mortgage-Shop.co.uk

Last week research from MoneyExpert.com showed nearly a third of mortgage lenders will now allow homebuyers to borrow for 40 years or more - with Tesco Personal Finance offering a maximum term of 52 years.

MoneyExpert said the old days of lenders only offering maximum mortgage terms of 25 years are long gone.

Only 23% of the 126 mortgage lenders and products analysed by MoneyExpert have maximum terms for mortgages to 25 years.

It found 38 out of the 126 (30%) offer maximum terms of 40 years or more with Tesco’s 52 years the longest on offer.