UK Borrowers Over 36 Take Out 35-Year Mortgages in Record Numbers, Surging 251%

The number of borrowers over 36 taking out 35-year mortgages has surged 251% in five years, according to Financial Conduct Authority data. This trend reflects the increasing difficulty for people to afford buying property due to high property prices and elevated interest rates. Longer mortgage terms can help borrowers meet affordability criteria but ultimately result in paying more interest over a longer period.

The number of borrowers over 36 taking out 35-year mortgages has surged 251% in the past five years, according to data from the Financial Conduct Authority (FCA). This significant increase highlights the growing challenge for individuals to afford property purchases, driven by high property prices and elevated interest rates. Longer mortgage terms can help borrowers meet affordability criteria, but they ultimately result in paying more interest over an extended period.

The trend is partly attributed to the recent competitive landscape in the mortgage market, where lenders are lowering fixed rates to attract borrowers. For instance, HSBC, TSB, Yorkshire Building Society, and Virgin Money have all reduced their fixed-rate mortgages in recent weeks [1]. The Bank of England’s Monetary Policy Committee (MPC) is expected to cut the Bank Rate further, which could lead to additional reductions in mortgage rates [2].

The FCA data also indicates that remortgage activity has been on the rise, with total approvals increasing in June to their highest level since October 2022. This trend suggests that borrowers are seeking better terms or refinancing their mortgages to take advantage of lower interest rates [3].

While longer mortgage terms can provide relief in the short term, they can also result in higher overall interest payments. For example, a 35-year mortgage with a 4% interest rate would cost significantly more in total interest compared to a 25-year mortgage with the same rate. Borrowers should carefully consider the long-term financial implications and consult with financial advisors to make informed decisions.

The increasing number of borrowers over 36 opting for longer mortgage terms underscores the broader economic challenges faced by the UK property market. As interest rates and property prices continue to fluctuate, borrowers must navigate these complexities to find the most suitable mortgage options.

References:
[1] https://www.forbes.com/uk/advisor/mortgages/2025/08/06/mortgage-updates/
[2] https://www.forbes.com/uk/advisor/mortgages/2025/08/06/mortgage-updates/
[3] https://www.forbes.com/uk/advisor/mortgages/2025/08/06/mortgage-updates/