Assessing data from the Financial Conduct Authority (FCA), Compare the Market analysed that the number of ‘ultra-long’ regulated mortgages was more than triple that seen five years ago, when 36,036 sales were recorded.
Additionally, the figure for 2024 was nearly 28% higher than the year before.
Compare the Market said that, as the average age of a first-time buyer in England was 34, many borrowers risked taking their mortgage well into their 70s if no early or overpayments are made.
It noted that longer terms could make monthly mortgage repayments more affordable, but borrowers needed to understand the costs they were committing to.
In London, 14,455 mortgages were sold on terms longer than 35 years last year, up from 10,676 in 2023. More recent data shows that over the first nine months of 2025, 12,554 ultra-long mortgages were sold in the capital.
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In the South West, there were 12,547 ultra-long mortgages sold up until September, 11,181 in the East of England and 10,373 in the South East.
|
Year
|
Number of sales of mortgages with terms longer than 35 years
|
|
2020
|
36,039
|
|
2021
|
53,260
|
|
2022
|
66,242
|
|
2023
|
90,911
|
|
2024
|
116,276
|
|
Q1-3 2025 (excluding Oct, Nov and Dec)
|
93,299
|
Emily Barnett, mortgage expert at Compare the Market, said: “While ultra-long mortgages can make monthly repayments more affordable in the short term, they come with a significant trade-off as borrowers could end up paying more in interest over the lifespan of the loan. It’s understandable that many are stretching their terms to cope with high house prices and tighter affordability tests, but it’s wise to consider this alongside the long-term cost implications.
“Prospective buyers thinking about taking out an ultra-long mortgage should make sure they shop around and compare deals carefully. Even a small difference in the interest rate can add up to tens of thousands of pounds over several decades. Seeking advice from a regulated mortgage broker and reviewing your mortgage regularly can help to ensure you’re not paying more than you need to in the long run.”
The mortgage rate can make a significant difference too, as a two-year fixed rate of 4.32% on an averagely priced home in England would be £20,197 more expensive than a mortgage at a rate of 4.03% over 36 years.
David Hollingworth, associate director at L&C Mortgages, added: “Higher interest rates and house prices have inevitably led to more borrowers pushing their payments down by taking longer mortgage terms. That can give more flexibility for monthly budgeting, but it does come with a significant cost over the life of the mortgage.
“It’s vital to put the squeeze on the total interest payable by shopping around for the very best rates available. It may also be possible to review and shorten the term, or to make overpayments as circumstances change. That will help cut the interest bill and potentially get shot of the mortgage more quickly.”
