You are here: Home - Mortgages - Remortgage - News -

More 40-year mortgages on offer as demand increases

Written by:
Over half of residential mortgages on the market now offer a term of up to 40 years, data shows. 

The number of 40-year mortgage products has risen by 15 per cent to 2,782, up from 2,412 this time last year, according to data firm Moneyfacts.

Some 57 per cent of residential mortgages are now available up to 40 years, a rise from 55 at this point in 2018.

The number of products with a maximum term of 30 years jumped by 43 per cent to 195, up from 136. And the count of available 25-year mortgage products rose 13 per cent to 168, up from 149. 

The pool of products with a maximum 35-year term shrank by five per cent to 1,645, down from 1,735 last October.

Yorkshire Building Society last week extended its maximum mortgage term from 35 to 40 years and increased the borrower age limit at end of term from 75 to 80 years. 

Additionally, the research showed that 83 per cent of residential mortgages offered a maximum age at end-of-term of 70 years or above. 

Darren Cook, finance expert at, said: “It appears that mortgage providers are permitting extended maximum mortgage terms of up to 40 years in conjunction with extending the maximum age that a borrower may be at the end of a mortgage. 

“A longer-term mortgage may reduce monthly repayments, however, the additional interest that accumulates over an extended mortgage term could be considerable.  

“An extended mortgage term may go beyond pension age, so it is imperative that these borrowers consider their options and attempt to make provisions if their personal circumstances change.” 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week