But while borrowing for longer might reduce your repayments in the short term, you could end up paying tens of thousands of pounds more in interest.
Here, we explain the pros and cons of 40-year mortgages, plus who qualifies for these longer-term loans.
Marathon mortgages are growing in popularity
While 25-year mortgage terms were once commonplace, a growing number of first-time buyers are now taking out loans with terms of 35 years or longer.
Before the first rate rise, 9% of first-time buyers were taking out mortgages lasting 35 years or more. By the time the base rate peaked, this figure had more than doubled to 20%, according to UK Finance data.
Lenders have been facilitating this trend by increasing their maximum borrowing ages and offering longer maximum terms on their mortgage deals.
Find out more:How much cheaper is a longer mortgage term?
The longer your mortgage term, the lower your monthly repayments will be.
In this example, the monthly repayments on a 40-year mortgage would be £124 less than a 30-year term, and £52 less than a 35-year term.
The (big) downside of longer terms
There's a significant catch. Put simply, if you opt for a longer term, it'll cost you a lot more.
Using the example above, someone taking out a 40-year term would theoretically pay £156,000 more in interest than somebody with a 30-year term.
But even if you're savvy and always switch when your fixed rate ends, you will pay quite a lot more.
Find out more:The dangers of negative equity
On a longer-term mortgage, you'll be paying off very little of the actual loan in the first few years, with the majority of your payments going towards interest.
This means that if house prices fall, you could be vulnerable to negative equity. This can also make it harder for you to move up the property ladder.
Cutting your term
For some first-time buyers, a 35 or 40-year mortgage might be the difference between being able to buy a home or needing to rent for longer.
But just because you've taken out a marathon mortgage, that doesn't mean you'll need to stick to such a long term.
As you build up equity in the property, you'll be able to remortgage at a lower loan-to-value. This will open you up to better mortgage rates and potentially the opportunity to reduce your term.
Who qualifies for a longer mortgage term?
The maximum mortgage term you will qualify for depends largely on your current age and planned retirement age.
Mortgage lenders set maximum age limits for when the loan will need to be fully repaid. As shown in the table below, the biggest lenders allow you to borrow up to the age of 70, 75 or 80.
There are some variables. For example, Halifax will allow you to repay your mortgage using employment income up to the age of 75, but it may take into account your projected retirement income up to the age of 80.
In recent years, lenders have been increasing the age limits on their mortgages, meaning longer terms which were once only available to the youngest borrowers are now open to more people.
Advice on getting a mortgage
Whether you're just doing some initial research or are ready to make an offer on a property, we're here to help.
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