The mortgage term length on about 28 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 7.3 percent to 12.5 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.
Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length
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Bank of England. (December 6, 2023). Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/
Bank of England. "Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length." Chart. December 6, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/
Bank of England. (2023). Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length. Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/
Bank of England. "Distribution of New Mortgage Advances in The United Kingdom (Uk) from 2015 to 2023, by Term Length." Statista, Statista Inc., 6 Dec 2023, https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/
Bank of England, Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length Statista, https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/ (last visited December 22, 2024)
Distribution of new mortgage advances in the United Kingdom (UK) from 2015 to 2023, by term length [Graph], Bank of England, December 6, 2023. [Online]. Available: https://www.statista.com/statistics/1455633/term-length-of-new-mortgage-lending-in-the-uk/
