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Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length

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Sources

Release date

December 2023

Region

United Kingdom

Survey time period

2015 to 2023

Special properties

as of September of each year

Supplementary notes

The source excludes internal remortgages, further advances, mortgages flagged as a business loan, and lifetime mortgages.

Citation formats

Term length of new mortgage lending in the UK 2015-2023

Published by ÌÇÐÄÆƽâ°æ Research Department, Mar 11, 2024

The mortgage term length on about ** percent of new mortgage lending in the UK was 30 to 35 years in September 2023. That includes first-time buyers, repeat buyers, and remortgages. Mortgages with a term of over 35 years were the least common. Nevertheless, they gained increased popularity between 2022 and 2023, rising from *** percent to **** percent of new lending. Longer terms imply lower monthly principal repayments. Nevertheless, they result in a higher interest payment over the life of the mortgage.

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