Getting onto the property ladder has become increasingly challenging in recent years, leading to a clear shift in how and when people buy their first homes. Today, more buyers are purchasing later in life and stretching their mortgage terms to keep monthly repayments manageable.
A Growing Trend Among Older First-Time Buyers
Back in 2019/20, only 3.6% of first-time buyers with a mortgage were aged 45 or over. Fast forward to 2023/24, and that figure has more than tripled to 11.5%.
At the same time, buyers are opting for longer mortgage terms than ever before. Nearly 85% of first-time buyers now choose terms of 25 years or more, while almost one in three are committing to 35 years or longer — meaning many will still be repaying well into their 60s.
Managing Affordability in a Tough Market
For many, extending the loan term is the only realistic way to afford a home. In July, the Bank of England confirmed that lenders could issue more mortgages at over 4.5 times a borrower’s income. According to HM Treasury, this could open the door for as many as 36,000 additional first-time buyer mortgages in the first year alone.
Finding the Right Fit
Buying a home is one of life’s biggest financial commitments — and there’s no one-size-fits-all solution. The best mortgage term for you depends on your income, lifestyle, and long-term plans.
We can help you assess your options and find a mortgage tailored to your unique circumstances, ensuring that your home ownership journey starts on solid ground.
🚨 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
