New Freedom of Information (FOI) data from the Financial Conduct Authority (FCA), analysed by Quilter, shows a huge rise in the number of people aged over 36 taking out mortgages with a term of 35 years or more.

In 2024, 30,338 mortgages with a term of 35 years or more were sold to people aged over 36.

Over a five-year period since 2019 there has been a 251% increase in the number of older borrowers taking out longer loan terms. And there has also been a 56% increase in the number of borrowers aged 31-35 taking out these lengthy loans.

As Quilter points out this shift reflects broader affordability challenges in the UK housing market. High property prices and elevated interest rates have made monthly repayments more difficult to manage, prompting many borrowers to extend their mortgage terms.

For lenders, longer terms can also help more applicants meet affordability criteria, especially as wages have not kept pace with the cost of living.

The trend toward longer mortgage terms among older borrowers highlights deeper structural issues. These include delayed homeownership, limited housing supply, and the growing gap between income and housing costs.

While longer terms may ease short-term financial pressure, they also underscore the need for broader reforms to improve housing affordability.

Quilter mortgage expert Zara Bray commented:

“The jump in older borrowers opting for ultra-long mortgage terms highlights just how stretched affordability has become but doesn’t necessarily need to be viewed negatively. Given the majority of mortgages are supported by a mortgage adviser, this is a positive example of advice enabling customers to remain in their homes during difficult macroeconomic conditions.

“Extending your mortgage past retirement age may be a sensible lever to pull in the short term, allowing other assets to remain invested.”