In recent months, there has been increasing discussion around the rise of ultra long mortgages in the UK, particularly for first time buyers looking to take their first step onto the property ladder. 

With traditional mortgage terms typically set at 25 years, the prospect of extending repayments over 35 or even 40 years is both intriguing and potentially concerning for many. 

As lenders respond to changing market dynamics and affordability challenges, ultra long mortgages are becoming more widely available, but they are not without their complexities. If you are considering such a product, talking to a local mortgage broker to seek professional mortgage advice is crucial to ensure it aligns with your long-term financial wellbeing.

What Are Ultra Long Mortgages?

Ultra long mortgages refer to home loans with terms significantly longer than the conventional 25-year period. While a 30 or 35-year mortgage term has been available for some time, we are now beginning to see mortgage products extending up to 40 years. These longer terms are often marketed towards first time buyers, as they can reduce the monthly repayment amount by spreading the total cost over a longer period.

In essence, the mortgage works in the same way as any standard repayment loan. You borrow a set amount from a lender, secured against your home, and repay it with interest over the agreed term. With an ultra-long mortgage, however, the extended timescale means you are likely to repay significantly more interest over the life of the loan, even though your monthly repayments may initially appear more affordable.

How They Work in Practice

When taking out an ultra-long mortgage, it’s important to understand that the initial term is just one part of the equation. Many of these mortgages operate on a fixed-rate basis for the first few years, after which borrowers move onto a variable or follow-on rate unless they remortgage or switch deals. The overall term of 35 or 40 years gradually reduces as time passes, unless you choose to shorten or extend it later with your lender’s approval.

If your circumstances change or you decide to move home, some ultra long mortgages are portable, meaning you may be able to transfer the existing deal to a new property. However, this depends entirely on your lender’s criteria at the time of application and your financial situation. It’s worth noting that if your new property is more expensive or your income has changed, the lender may reassess your affordability and offer different terms or rates.

In some cases, especially with fixed-term deals, there may also be early repayment charges (ERCs) if you move or repay the loan early. Understanding these implications is essential, which is why discussing your future plans with a professional mortgage adviser is recommended from the outset.

Benefits of Ultra Long Mortgages

For many first-time buyers, one of the main attractions of ultra long mortgages is the reduced monthly cost. With property prices in the UK remaining high relative to average incomes, stretching the term can make the repayments more manageable and open up access to homes that might otherwise be out of reach.

These mortgages may also help individuals who are self-employed, have variable income, or limited credit history to pass affordability assessments, particularly when lenders stress-test repayments at higher interest rates. 

For some, ultra long mortgage terms offer a practical stepping stone into home ownership, with the possibility of remortgaging onto shorter terms later in life, as earnings increase.

The Drawbacks to Be Aware of for Ultra Long Mortgages

Despite the initial appeal, ultra long mortgages are not without their drawbacks. One of the most significant considerations is the overall cost. By extending the repayment period, you will likely pay far more in interest over the life of the mortgage, especially if interest rates rise or you remain on the same deal for an extended period.

There are also long-term financial planning implications. Borrowing for 35 or 40 years could mean you are still be repaying your mortgage into your 60s or 70s, potentially overlapping with retirement. This may affect your ability to save for the future, invest in pensions, or plan for other major life events. It’s vital to consider whether the short-term affordability gain outweighs the long-term financial burden.

Additionally, there is the psychological impact of taking on such a long commitment, particularly for those who may wish to become mortgage-free earlier in life. While early repayments and overpayments may be possible, doing so could incur fees, so it’s essential to factor this into your decision-making.

Saneesha McNairn, Mortgage & Protection Adviser in North London said: 

“Every buyer’s circumstances are different, and what works well for one person may not be suitable for another. Our professional mortgage advisers will take the time to understand your financial position, long-term plans, and future goals, helping you assess whether an ultra-long mortgage is truly the right choice”.

Our mortgage brokers also have access to a wide range of products and can compare deals across multiple lenders, offering insight into alternatives you may not have considered. In some situations, a slightly shorter term or a different mortgage type altogether could prove more cost-effective in the long run.

Crucially, our regulated mortgage advisers are required to act in your best interests and will ensure that any recommendations are suitable and affordable based on your current and anticipated future circumstances. They can also help you understand the finer details of a mortgage agreement, from interest rates and fees to portability and early repayment charges.

In summary

Ultra long mortgages are a reflection of the changing financial landscape for many first-time buyers and can offer an initial sense of affordability and access to the property market. 

However, they also carry long-term implications that should not be overlooked. The key is not to focus solely on the monthly repayments, but to understand the full picture, including the total cost of borrowing, flexibility, and future planning.

Before committing to any mortgage product, especially one with a term of several decades, it is strongly recommended to seek professional mortgage advice. An experienced mortgage adviser can guide you through the process, help you weigh up your options, and provide clarity and reassurance every step of the way. 

If you're considering an ultra-long mortgage or are unsure of the best route into home ownership, speaking to a qualified mortgage professional could be one of the most important decisions you make.

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PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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Approved by The Openwork Partnership on 15/09/2025

Sources: www.fca.org.uk, www.moneyhelper.org.uk, www.bbc.co.uk, www.gov.uk, www.which.co.uk, www.ukfinance.org.uk, www.theguardian.com