The number of borrowers taking out ultra-long mortgages of more than 35 years has tripled since 2020 as first-time buyers struggled with high mortgage rates and house prices. 

There were 116,276 mortgages taken out with a term longer than 35 years in 2024, up nearly 28 per cent from 90,911 in 2023.

It was nearly triple the level seen at the height of the Covid-19 pandemic in 2020, when 36,036 sales were recorded, an analysis by comparison website Compare the Market shows. 

Lengthy mortgages make borrowers' monthly bills lower, as they are split over a greater number of payments. 

However, they will ultimately be paying off their mortgage for a longer period of time and can accrue tens or hundreds of thousands more in interest. 

According to calculations by Compare the Market and mortgage broker L&G, if a borrower in England were to pay a two-year rate of 4.32 per cent, versus a two-year rate of 4.03 per cent, over 36 years the difference between these rates would equate to £20,197 in interest repayments. 

It could also be storing up a struggle for the future. The average age of first-time buyers in England is 34, meaning mortgage borrowers taking out a loan with a term of 36 years or more could still be paying it off in their seventies, on the basis they do not make any early repayments or move. 

Unsurprisingly, buyers in expensive areas were more likely to take longer mortgages. 

In central and Greater London, the number of mortgages sold with terms exceeding 35 years was 14,455 in 2024, up from 10,676 in 2023. 

According to Compare the Market, 12,554 ultra-long mortgages were sold in London in the first nine months of this year.

After London, the most popular regions for ultra-long mortgages were the South West, at 12,547, the East of England, at 11,181, and the South East of England. 

Long-term mortgages were less common in locations such as Scotland, Wales and the North East of England during the first nine months of 2025. 

Emily Barnett, a mortgage expert at Compare the Market, said: 'While ultra long mortgages can make monthly repayments more affordable in the short term, they come with a significant trade-off as borrowers could end up paying more in interest over the lifespan of the loan. 

'It's understandable that many are stretching their terms to cope with high house prices and tighter affordability tests, but it's wise to consider this alongside the long-term cost implications.'

She added: 'Prospective buyers thinking about taking out an ultra-long mortgage should make sure they shop around and compare deals carefully. 

'Even a small difference in the interest rate can add up to tens of thousands of pounds over several decades. 

'Seeking advice from a regulated mortgage broker and reviewing your mortgage regularly can help to ensure you're not paying more than you need to in the long run.'

David Hollingworth, an associate director at L&C Mortgages, said: 'Higher interest rates and house prices have inevitably led to more borrowers pushing their payments down by taking longer mortgage terms. 

'That can give more flexibility for monthly budgeting but it does come with a significant cost over the life of the mortgage.

'It's vital to put the squeeze on the total interest payable by shopping around for the very best rates available. 

'It may also be possible to review and shorten the term, or to make overpayments as circumstances change. That will help cut the interest bill and potentially get shot of the mortgage more quickly.'

On 18 December, the Bank of England's Monetary Policy Committee voted to cut interest rates by a quarter of a percentage point from 4 per cent to 3.75 per cent.

The move, which was widely expected, reduces the cost of borrowing to its lowest level since February 2023 and will be welcomed by homeowners and small businesses struggling under a heavy burden of debt. 

There will be no immediate change to borrowers' payments for households already on a fixed rate mortgage deal, but their next deal may have better rates on offer. 

Meanwhile, tracker rates are directly pegged to base rate, so are likely to fall in line with the base rate in due course.