A young couple who secured a 40-year mortgage still have ambitions to retire in their fifties, despite facing criticism for their decision. Bryony Clarke, 27, bought a three-bedroom semi-detached property in December 2023 for £247,500 alongside her partner Charlie, also 27. They put down a 10% deposit of £24,750 and borrowed the remaining £222,750 from Nationwide on a five-year fixed rate of 4.6%.
Given the choice between a 35-year and a 40-year mortgage term, they opted for the longer term to keep more money in their pockets. The monthly repayment on a 40-year term is £1,015, compared to £1,068 on a 35-year term, saving them £53 per month. This extra cash allowed them to renovate woodwork, replace carpets, and install a new boiler at a total cost of £20,000.
Bryony, a content creator from Leicester, Leicestershire, said: "We thought at the stage we're in in our lives right now we'd rather sign up for a 40-year term with payments lower and have money in our pockets for now. We can always reduce the term down by making overpayments if we wanted to."
After sharing her story online, Bryony received hostile comments branding her "stupid," which left her "lost for words." She explained: "A lot of people online were assuming I had no idea how a mortgage worked. There were quite a lot of offensive comments telling me I was 'stupid' or 'why don't you understand this.' When I did a video explaining how mortgage repayments work, many people said it was really helpful and finally made sense."
Bryony and Charlie are now overpaying by £100 per month after both received pay rises earlier this year. Their current monthly payment is £1,115. Bryony insists: "The sooner we clear our mortgage the better." They have also started making extra payments to a private pension and investing in a stocks and shares ISA to build a pot for early retirement.
Regarding their long-term plans, Bryony said: "Once our five-year fixed rate is up it might be worth investing in this property or buying something that's got everything we want. We absolutely could stay here indefinitely if we choose."
Bryony's mortgage details show total repaid so far is £27,873.45, with £5,288.17 towards the principal, leaving £217,461.83 to pay. She hopes to retire in her fifties, saying: "Even if it's a month before our sixtieth birthday, we'd both be really chuffed with ourselves."
