A growing number of borrowers will still be paying off mortgages into their 70s, according to new data, raising concerns about the possible financial dangers of longer-term lending.

In the first nine months of 2024, 22,103 mortgages with a term of at least 35 years were approved to people aged over 36.

This figure is higher than any previous full year since 2018, the timeframe of the data, and points to the growing popularity of longer-term mortgages.

The data was obtained from the Financial Conduct Authority (FCA) through a freedom of information request and was analysed by Quilter, a City wealth manager.

It shows that since 2019, there has been a 156 per cent increase in the number of borrowers aged over 36 taking out longer loan terms.

According to the Bank of England, the share of all borrowers taking out new mortgages with terms of 30 years or more has increased from 12 per cent at the end of 2005 to 50 per cent in 2024.

Karen Noye, mortgage expert at Quilter, said the increase was driven by ever higher house prices as well as concerns about elevated borrowing costs.

“The data paints a striking picture of how financial pressures are reshaping homeownership,” she said.