This 150% jump since 2020 is driven by rising mortgage costs, adds the consumer data group. 

Mortgage costs have lifted from sub-2% rates for two- and five-year fixes three years ago to currently stand at 5.99% for a two-year fix, while a standard variable tariff is 8.22%, according to L&C Mortgages. 

An average five-year fix stands at 5.97%, adds Moneyfacts. 

Experian says: “The increased cost of borrowing means that many people will be nearing retirement before they’re able to pay back their mortgage loan in its entirety.  

“This group of under 30s who have agreed to such lengthy repayment terms are now becoming known as the Mort-locked generation.  

“And while an extended mortgage term can help to keep monthly repayments down, homeowners are likely to pay more interest on their loans over time, as mortgages get more expensive.” 

The data firm adds that high rates have also hit the appetite of borrowers to apply for a home loan, with many “choosing to stay in their existing locations, or rent, rather than buy a new property”.   

It says there was 28% plunge in mortgage applications in July, compared to a year ago.  

Mortgage applications for first-time buyers are also down 19% over the same period. 

Nationwide chief economist Robert Gardner, points out in the lender’s latest House Price Index today: “Someone earning an average income and purchasing the typical FTB home with a 20% deposit would spend 38% of their take home pay on their monthly mortgage payment – well above the long-run average of 29%.” 

Experian head of consumer Affairs James Jones adds: “Our data suggests that people under 30 are looking to secure longer mortgage repayment terms to help keep monthly repayments down on their homes, and this could also be affecting property buying among house hunters.” 

Experian drew data from its bureau analysing a mixture of mortgage terms and the volume of mortgage applications from January 2018 to March 2023.