Longer than average mortgage term popularity is soaring, according to the latest data from the Mortgage Advice Bureau. Even though the additional cost of interest payments is even more challenging, house owners are searching for anything which will bring down the amount of the monthly mortgage payment. Skyrocketing house prices is the reason for most people to search for a longer term mortgage. The 25 to 30 year standard house mortgage term is almost a thing of the past according to those in the lending arena.

Just 8% of those in search of a mortgage last year were looking for an extended term mortgage. Now, that number has ballooned to more than 20% of all house buyers. Longer term mortgages are not just being sought out by first timers, but those moving home as well.

Brian Murphy, head of lending at Mortgage Advice Bureau, commented on the current climate within the mortgage lending sector, saying: “Homebuyers are tearing up the rule book by searching for longer-term mortgages to secure cheaper monthly repayments.

“The added interest that comes with repaying your debt over a longer period can add up to tens of thousands of pounds.”

The down side to obtaining a longer term mortgage is not just the extra interest which will be due. Many house owners will not be able to clear the debt before they pass. This can result in other family members responsible for clearing the debt.

David Hollingworth, a broker at London & Country Mortgages, commented on how many lenders will allow mortgages to extend beyond the normal time period, saying: “Many will allow your mortgage to run for at least 35 years, while Nationwide and Halifax stretch to 40 years.”