Only 20 per cent of mortgage firms limit homeowners to a "traditional" 25-year loan term, research today revealed.
A survey of banks, building societies and specialist lenders by moneyfacts.co.uk found that a quarter are now prepared to extend repayments over 40 years, with a handful going up to a maximum term of 52-year terms.
The findings come amid concern that worsening house price affordability and the rising cost of property is pricing first-time buyers out of the market.
In the face of growing affordability concerns, lenders have reacted by offering enhanced income multiples, group mortgages, interest only loans and participation in government schemes to assist first-time buyers, moneyfacts.co.uk said.
But many have also extended the maximum term of a loan, with seven now offering loans of up to 52 years.
Julia Harris, analyst at moneyfacts.co.uk, said: "It is a frightening thought to think you could potentially be forking out for that hefty monthly mortgage payment from the moment you turn 18 until the day you retire at 70.
"Extending the term of your mortgage will undoubtedly lower your monthly repayments and can be a useful means of initially affording the mortgage until your salary increases, but the longer you stay on a long-term mortgage, the more you will see your interest costs spiral."
Moneyfacts.co.uk worked out that based on a 25-year repayment mortgage of #130,000 at 5.25%, extending the loan term by five years will increase the total amount payable by almost #25,000, while increasing to 40 years adds #77,500 interest to a homeowners’ bill.
