More people are taking a mortgage over 40 years – what this means for young people’s finances

By Chris Parry, Principal Lecturer in Finance, Cardiff Metropolitan University

My generation of baby boomers in the UK generally grew up with reasonable expectations of buying a home in our mid-20s with a 25-year mortgage, happily being able to afford a family, and maybe retiring in our early 60s with a comfortable pension. How different today.

Largely because of an increase in mortgage costs, the percentage of first-time buyers taking out a home loan of between 36 and 40 years has doubled in the last two years, and is more than 400 percentage points higher than in 2008. Across the board, the 36- to 40-year mortgage has risen from roughly 16 in every 100 mortgages…

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