The number of people taking out mortgages with terms of 35 years or more hit a high of 88,059 in 2022 compared to just 40,471 in 2018, a 117% increase.

This is according to new Freedom of Information (FOI) data from the FCA gathered by Quilter, the wealth manager and financial adviser.

Borrowers have suffered successive interest rate increases since December 2021 and historically high house prices, forcing people to take out longer terms to achieve lower monthly payments.

Karen Noye, mortgage expert at Quilter, said: “For many people, to realise the dream of homeownership or to simply obtain an affordable mortgage they have had to increase the term of their mortgage. While this is not inherently wrong and can be a lifeline for people during this difficult time, it does have the potential to stretch people’s finances later in life particularly for those in their 40s.

“For anyone considering entering into a mortgage that will see them well into retirement, it is vital they think ahead and are aware of the potential risks. Many people under save for their retirement anyway without even taking into account the fact they will not be earning and need to pay for a mortgage as well as living costs.

“Similarly, while a mortgage term of 35 years or more can result in lower monthly repayments, you are likely to pay considerably more in interest over the course of your mortgage term.”