New data from Experian reveals that one in four mortgages lent to individuals under the age of 30 now have a term of 35 years or more, representing a 150% increase from 2020. This means that many young homeowners will be approaching retirement age before they are able to fully pay off their mortgage. The rising cost of borrowing has led to higher interest rates, with the average two-year fixed rate deal standing at 5.99% and the standard variable tariff at 8.22%. These high interest rates have resulted in a decrease in mortgage applications, with July 2023 recording a 28% decrease compared to the same month in 2022. Mortgage applications for first-time buyers were also down 19% from the previous year. Experian suggests that the high interest rates and longer mortgage terms are causing young people to feel "locked in" and encourages them to consider ways to secure better deals on their mortgage terms. This includes improving their credit score, registering to vote, limiting applications for new credit, allowing credit history to mature, setting up direct debits, and using Experian Boost to increase their score. Experian has also partnered with Leeds Building Society to provide aspiring homeowners with extra evidence of their good financial track record through the Experian Boost service.