A young couple who secured a 40-year mortgage have hit back at critics who called them 'stupid'. Bryony Clarke, 27, and her partner Charlie, 27, purchased a three-bedroom semi-detached property in Leicester for £247,500 in December 2023. They put down a 10% deposit of £24,750 and borrowed £222,750 from Nationwide on a five-year fixed rate of 4.6%.
Why They Chose a 40-Year Mortgage
Faced with a choice between 35 or 40-year terms, the couple opted for the longer term to keep more money 'in their pockets'. Monthly payments on a 40-year deal are £1,015, compared to £1,068 on a 35-year term. The extra £50 each month has allowed them to renovate woodwork, replace carpets, and install a new boiler, spending £20,000. 'We thought at the stage we're in right now we'd rather sign up for a 40-year term with lower payments and have money in our pockets for now,' Bryony explained.
Online Backlash and Misunderstanding
After sharing their story on TikTok, Bryony received 'offensive comments' accusing her of not understanding how mortgages work. 'A lot of people assumed I had no idea how a mortgage worked,' she said. She responded with a video explaining mortgage repayments, which many viewers found helpful. 'I think times have changed so much from when our parents started getting on the ladder 20 or 30 years ago,' she added.
Overpaying and Early Retirement Plans
Following pay rises, the couple now overpay by £100 monthly, bringing their total monthly payment to £1,115. Bryony insists the sooner they clear the mortgage 'the better'. They have also started making extra payments to a private pension and investing in a stocks and shares ISA. 'The earlier we pay off our mortgage and are totally mortgage-free, the better,' she said. 'I think if we could retire in our fifties, even if it's a month before our sixtieth birthday, we'd be really chuffed with ourselves.'
Mortgage Repayment Breakdown
- Total repaid so far: £27,873.45
- Total repaid towards principal: £5,288.17
- Principal left to pay: £217,461.83
The couple plan to either stay in their current home or move to a property that 'has everything we would want'. Once their five-year fixed rate ends, they may consider shortening the mortgage term or investing further in their home.
