In recent years, longer-term mortgages have surged in popularity — and it’s easy to see why. For many first-time buyers (FTBs) struggling to get onto the property ladder, spreading repayments over a longer period can make homeownership far more achievable.
More than six in ten would-be buyers admit that affording monthly mortgage payments is one of the biggest barriers to buying a home. In that context, a longer mortgage term can be the ideal way to take that first step onto the ladder.
For example, a young couple borrowing £250,000 at an average rate of 5.05% could save around £255 per month by opting for a 40-year mortgage instead of a 25-year one.
Of course, there’s a trade-off. A longer mortgage term means paying more interest overall during the lifetime of the loan. For that reason, it’s often worth considering making overpayments whenever possible to reduce the total cost.
Choosing the right mortgage term should always depend on your personal circumstances. While extending the term can help make buying a home more affordable today, it’s important to plan for the future — to avoid carrying mortgage debt into retirement or having to delay retirement because of ongoing repayments.
Longer mortgages can be a lifeline for first-time buyers, but smart planning ensures they remain a stepping stone, not a lifelong burden.
🚨 Data accurate as of the date of publication
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, mortgage, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Services – Essentially Mortgages Q4 2025
