Increasing number of homeowners opting for 35 year mortgage – Is this the route for you?

For many people a 35 year mortgage could take you well into your retirement years, and repaying a mortgage over that time may not be on your wish list.

But due to financial circumstances, and the current economic outlook,  it might be worth taking this route.

Instead you might not get your foot on the property ladder. It is a tough decision.

35 year mortgage 

However, you wouldn’t be alone if you decided on this lengthy passage.

12 per cent of new homeowners are opting for these long term mortgages, reports The Telegraph.

Some people are even taking out 40 year mortgages to finally own a home, which will be paid off, eventually.

They have even got a nickname, with these extended lending plans labelled as Marathon Mortgages.


The Bank of England has warned of the growing risks posed by homeowners taking out 35-year mortgages, suggesting they may struggle with the debt in future.

A report from the central bank said: “There is evidence that some households are increasing the use of consumer credit in response to cost-of-living pressures, which could lead to greater debt vulnerability.’

A long term mortgage may well ease cost pressures now, as it will bring down the monthly payments.

But you are potentially facing financial pain down the line. you don’t know how your future employment and wider economic impact could hamper you ability to pay off what you owe on your home.

Interest rates

So to conclude, a 35 year mortgage does help reduce the interest rate, which at the moment is what many of us are looking for.

If you were to choose this length of mortgage, you could reduce the term at the time of remortgaging.

If you want anymore advice we’d be delighted to help.  Get in touch and we’ll talk you through your options, or sign up to our monthly newsletter, to keep your finger on the pulse. 

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