The number of people over the age of 36 taking out 35-year mortgages has jumped 251% over the past five years, according to new data released through a Freedom of Information request to the Financial Conduct Authority (FCA).
Analysis by wealth manager and financial adviser Quilter shows that in 2024, 30,338 mortgages with a term of 35 years or more were sold to borrowers in this age group. The figures highlight how stretched affordability has become for older homebuyers. In addition, the number of people aged 31–35 taking out similarly long-term mortgages rose by 56% over the same period.
This trend points to a broader affordability issue in the UK housing market. High house prices and elevated interest rates have made monthly repayments increasingly difficult to manage. In response, more borrowers are extending the length of their mortgage terms. Lenders also benefit from this approach, as it enables more applicants to meet strict affordability criteria, particularly at a time when wage growth has lagged behind the rising cost of living.
The growing number of older borrowers opting for extended terms highlights several long-term pressures. These include delays in getting onto the housing ladder, a chronic shortage of homes, and the widening gap between income levels and housing costs.
Although taking on a mortgage into later life may ease monthly financial strain in the short term, the trend raises broader concerns about sustainability and long-term financial planning.
| 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 |
“The jump in older borrowers opting for ultra-long mortgage terms highlights just how stretched affordability has become, but doesn’t necessarily need to be viewed negatively,” explained Zara Bray, mortgage expert at Quilter. “Given that 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.”
Bray notes that, in some cases, extending the mortgage past retirement may serve a strategic purpose. “Extending your mortgage past retirement age may be a sensible lever to pull in the short term, allowing other assets to remain invested,” she said. “However, the key to avoiding challenges with a long-term mortgage later in life is to regularly speak to your adviser, as they will be actively scanning the market for improved rates or new innovative products that address the affordability strain, providing more options at the end of your fixed term.”
Bray also pointed to potential opportunities for future adjustments. “Remortgaging to a better deal when interest rates fall or your loan-to-value improves can lower monthly repayments or allow you to switch to a shorter term,” she commented. “For those approaching retirement, it’s worth exploring whether downsizing or using pension drawdown strategies could help manage repayments more sustainably.”
Small financial steps can also make a meaningful difference over time. “There are other steps people can take to reduce the long-term burden,” Bray said. “Overpaying on your mortgage, even by small amounts, can significantly reduce the total interest paid and shorten the term.”
