Are 40-year mortgages a good idea and who is eligible?

Unsure if a 40-year mortgage is right for you? We can help.

Last updated:

warning icon Warning: your home may be repossessed if you do not keep up repayments on your mortgage.
25 years is the standard term of a mortgage for most people, but the majority of lenders will extend this to 35 or 40 years, depending on the age of the borrower.

40-year terms are a sure way to make mortgage repayments more manageable by bringing down monthly costs, but are they right for you?

How can we help?

L&C Mortgage Advice

Speak to an adviser

Talk to a fee-free mortgage adviser from our partner L&C. Open 7 days a week, 'til 8pm weekdays. Call free (mobile or landline).

L&C Online Journey

Online mortgage finder

Complete our form to access personalised information on mortgages to suit your particular needs.

Mortgage Comparison Habito

Browse mortgage rates

Fast and simple comparison of today’s best rates and overview of mortgage options from a range of UK lenders.

Which lenders offer longer terms?

At the time of writing, Halifax, Nationwide, First Direct, Lloyds, Tesco Bank and other smaller building societies such as Ipswich and Nottingham were found to offer 40-year terms.

What about older borrowers?

Securing a 40-year loan is not especially difficult, but there are some limitations worth noting.

Borrowers in their mid to late thirties or older will be unable to take out longer deals due to a lender’s maximum age cap. This works as a safeguard to ensure borrowers aren’t likely to experience a change in circumstances, which might leave them unable to afford the repayments as a result.

This means long-term mortgages are mainly limited to first- and second-time buyers.

What about the costs?

While longer-term loans will bring down monthly costs, the additional interest that builds up over time is going to be substantial.

Borrowing over a longer period may give you less outgoings in the short-term, but it doesn’t necessarily mean it’s the right thing to do.

As with all borrowing, the length of the loan you choose will depend on your unique financial circumstances and long-term goals.

Start your mortgage application

Habito

Habito

Save £1,000s on your mortgage. Applying is quick & easy with Habito. Get a quote online in minutes.
Mojo Mortgages

Mojo Mortgages

The Mojo mortgage calculator compares rates in less than 1 minute. A free online mortgage broker.
L&C cobrand

L&C

The UK's largest fee-free mortgage broker & adviser. No hidden costs. L&C compares rates from over 80 lenders.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site