| More first-time buyers are purchasing homes later in life to manage affordability challenges | Longer mortgage terms help keep monthly payments manageable but extend debt into later years | Professional guidance can help buyers select the most suitable mortgage for their circumstances |
Getting onto the property ladder has become more challenging in recent years and a clear trend has emerged – people are buying later in life and taking on longer mortgage terms to keep monthly payments affordable.
In 2019/20, just 3.6% of FTBs with a mortgage were aged 45 or older, but by 2023/24 this had risen to 11.5%1. At the same time, more borrowers are stretching repayments. Nearly 85% of FTBs now take mortgages lasting 25 years or more, with almost a third opting for 35 years or longer. As a result, many will still be repaying in their 60s.
Managing affordability
Longer terms are often the only way buyers can access the market. In July, the Bank of England confirmed lenders could offer more mortgages above 4.5 times income, with HM Treasury estimating this could generate up to 36,000 additional FTB mortgages in the first year.
What’s right for you?
Buying a home is a major financial step, and the right approach will depend on your personal circumstances. We can help you weigh up the options and secure a mortgage that is suitable for your unique requirements.
1Sprive, 2025
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for guidance only. Some rules may vary in different parts of the UK.