Homebuyers aged 36 and above are driving a more than threefold surge in ‘marathon mortgages’ to beat the cost-of-living crisis.
Sales of 35+ year mortgages have increased a steady 22.3 percent among all ages in the past five years as buyers stretch repayments over a longer-than-usual term, according to new statistics from the Financial Conduct Authority (FCA).
However, a huge 234.1 percent increase has been recorded among those who face repayments lasting into their 70s.
Richard Moring, director of RM Mortgage Solutions, who obtained the figures, said: “Many potential homebuyers are having to make tough decisions to achieve their dreams.
“For some, 35+ year mortgages are the best way to keep initial repayments low as they battle high outgoings elsewhere.
“For others, so-called ‘marathon mortgages’ are the only way they can purchase a home, even if it risks a higher interest burden and repayments lasting into their retirement years.
“These lower initial repayments can end up benefitting borrowers if they are able to remortgage on better terms later down the line.
“However, you must take consider potential downsides such as negative equity and paying a higher amount of interest over the course of the mortgage.
“Don’t underestimate the prospect of still having to pay your mortgage in your retirement years and whether or not you will be able to afford it if you are no longer working.”
For many years, mortgages of 25 or 30 years have been standard for most homebuyers.
However, affordability pressures such as soaring property prices and the high cost-of-living in recent years have led to more flexible options.
The latest FCA figures show 260,688 mortgages lasting 35 or more years were taken out across the UK in 2021, then 267,467 in 2022 and 266,174 in 2023.
The total increases to 287,162 in 2024 and then to 318,839 in 2025.
Last year, the most common age group was 26-30, with 123,626 sales, followed by 110,947 people aged between 31-35.
A rapid rise is seen for those aged 36 and above in the past five years, from 10,220 in 2021 to 34,146 last year, denoting a 234.11 percent increase.
Mr Moring added: “Mortgage repayments can be a significant outgoing for many people, so it’s important to find one that suits your financial circumstances.
“You may consider speaking to a professional about the best options for you both now and in the future.
“It may also be worth overpaying your mortgage by even a small amount each month, if possible, to reduce the overall interest you will pay on the lifespan of the loan.”
