First-time buyers face the crushing reality of paying off their mortgages well into their retirement years, new research reveals.

The average first-time buyer is now a ripe old 33 years and 8 months old when they finally get their foot on the property ladder. And with mortgage terms stretching out for an average of 30 years, that means they won’t be waving goodbye to those monthly payments until they’re practically ready for their bus pass – at the grand old age of 63!

But it gets worse. Depending on where you live, you could be stuck in mortgage purgatory for even longer. Londoners are facing the longest slog, with the average first-time buyer there not becoming mortgage-free until they’re nearly 67.

Here’s a breakdown of how long you could be waiting to own your home outright, depending on where you live:

Region	Average Age of First-Time Buyer	Average Mortgage Term	Predicted Age of Being Mortgage-Free
London	36 years, 8 months	30 years	66 years, 8 months
West Midlands	34 years, 5 months	30 years	64 years, 5 months
South East	34 years, 4 months	30 years	64 years, 4 months
East of England	32 years, 9 months	31 years	63 years, 9 months
Yorkshire & The Humber	32 years, 7 months	31 years	63 years, 7 months
South West	33 years, 9 months	29 years	62 years, 9 months
North West	32 years, 5 months	30 years	62 years, 5 months
East Midlands	32 years, 11 months	30 years	62 years, 11 months
North East	32 years, 2 months	29 years	61 years
Scotland	33 years, 7 months	27 years	60 years, 7 months
Wales	31 years	28 years	59 years

But it’s not just about how long it takes to pay off the mortgage. The real killer is the extra interest you’ll be forking out.

Let’s break it down. According to mortgage experts Mojo Mortgages, if you take out a 25-year mortgage on the average-priced house in the UK (currently £264,500), you’ll pay a total of £461,400 over the lifetime of the loan (that’s the original price plus all the interest).

But here’s the kicker. Stretch that mortgage out to 30 years, and you’ll end up paying an extra £53,760 in interest. And if you’re really brave (or desperate) enough to sign up for a 35-year mortgage, you’ll shell out a staggering £110,640 more in interest! That’s enough to make your eyes water.

And it gets worse. Being stuck in mortgage debt for longer could also mean having to dip into your hard-earned pension savings to finally pay it off. This could leave you short in retirement, forcing you to work longer or face a less comfortable lifestyle in your golden years.

So, what’s the solution?

While longer mortgage terms can seem tempting to make those monthly payments more manageable, it’s crucial to weigh up the long-term costs. Think carefully about what you can realistically afford and consider making bigger payments whenever you can to chip away at that debt faster and save yourself a fortune in interest. Your future self will thank you for it!