Financial Conduct Authority data analysed by wealth management company Quilter has revealed a steep rise in the number of people taking out mortgages with a term of 35 years or more.
There was a 251% increase in the number of older borrowers taking out longer loan terms over a five-year period since 2019, according to Quilter, with 30,338 mortgages with a term of 35 years or more sold to people aged over age 36 in 2024 alone. The number of borrowers aged between 31 and 35 taking out 36-year loans has risen by 56%.
The company believes the shift reflects ongoing affordability charges in the UK housing market, explaining:
“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 including delayed homeownership, limited housing supply, and the growing gap between income and housing costs, the company believes.
| Number of borrowers taking out a term of 35 years or more | ||
| Year | Age 31-35 | Age 36+ |
| 2019 | 54,919 | 8,639 |
| 2020 | 50,895 | 5,911 |
| 2021 | 81,307 | 11,092 |
| 2022 | 89,322 | 16,170 |
| 2023 | 90,616 | 21,289 |
| 2024 | 98,370 | 30,338 |
Source: Quilter
However, Zara Bray, mortgage expert at Quilter, said that the jump in older borrowers taking out longer terms is not necessarily negative. She commented:
“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.”
