An increasing number of homeowners are taking out long-term mortgages that may even extend into their retirement years, to increase their borrowing power.
But while doing so will reduce their monthly payments now, it could net them more than £100,000 extra in interest, as our mortgage cost calculator shows.
The days when the 25-year mortgage was standard are long gone and many first-time buyers and movers are now taking on 30, 35 and even 40-year mortgages.
Extending the term helps borrowers reduce monthly payments to meet affordability criteria, but over the life of the mortgage they will pay much more in interest.
For example, a £200,000 mortgage with an average rate of 5 per cent for 25 years will cost £150,754 in interest, but over 40 years £262,909 in interest charges would accrue.
Our calculator lets you compare the true cost of rival mortgages and shows how much more interest you would pay with a 40-year mortgage than with a 30- or 25-year home loan.
Calculator Note: The calculator is for a repayment mortgage where interest is calculated monthly, costs will be different for loans with daily or annual interest. The results also apply to daily interest where only one payment is made per month.