Are longer mortgages the answer to high property prices? - BBC News
Some young people are taking out up to 40-year mortgages instead of opting for traditional 25-year terms. They tell us why.
Many young first-time buyers are opting for up to 40-year mortgages rather than traditional 25-year terms.

Some people explain why and talk about their experience of the property market.

James Lowrey-English, 26, bought a house with his wife Jessica in Bracknell in 2015.

"When we were offered the 40-year term we were overjoyed and elated to be offered anything at all."

It had been "heartbreaking" to think they might not be able to secure a mortgage, he explains.

"We now have two children and are happy with where we live. I have no regrets about taking out the mortgage.

"Our total outgoings are £1,200 a month, which is manageable."

He adds: "It's just about getting onto the ladder, we just needed to cross the line and actually secure a mortgage."

Charlie Crompton, 26, bought her first house in Burnley last year with her boyfriend Craig. They chose a 35-year mortgage term.

Charlie says she is happy with her "manageable" monthly payments of £480.

"It means we can afford to do nice things. We are flying to Portugal next week, which we wouldn't have been able to afford if the payments were higher.

"I also really like feeling stable. We have a house rabbit that is a bit destructive, and I was always worried she would chew things in our rented place. Now we own a house she has free run."

Her brother has a 25-year mortgage "and couldn't believe that we'd taken a 35 year one"

"I had no idea that 35 years was considered long-term," she says.

"I don't want to have a mortgage in 35 years; the sooner you're mortgage free, the sooner you can retire."

Conor Doherty, 26, is just about to complete on a one-bedroom flat in central Glasgow, with a 30-year mortgage term.

Conor and Robyn are both first-time buyers with monthly mortgage payments of £550.

Conor says he resented renting, and a longer-term mortgage was a useful way to get a foot on the housing ladder.

"I would have happily taken a 40 or 50-year mortgage to get out of the rented sector."

"I hated just throwing money away on rent. You have to do anything you can to get on the housing ladder."

"Obviously, I am slightly nervous about taking on so much debt but young people are used to being in huge debt because of the cost of being a student."

Casper Holm, 29, went for a 35-year term mortgage when he bought a three-bedroom house in Cardiff in 2016, with his fiancé Cara.

He says he wanted the mortgage term to be "as long as possible".

"The rationale was we would have the flexibility of lower monthly payments, and the option to overpay."

"The reality is it is hard to make yourself overpay, and we haven't."

"I understand that we will end up paying more, but I don't mind paying to have the flexibility of affordable repayments. It's worth it."

"We pay around £850 a month, and I see it as a good investment. It's not like we've racked up debt on credit cards."