Stamp duty holiday tempted buyers into ‘marathon’ loans

Many buyers opted for longer-term mortgages to take advantage of the stamp duty holiday. Photograph: Stephen Bell/Alamy

Thousands of borrowers took out mortgages lasting 35 years or more during the government’s stamp duty holiday in an attempt to keep up with rising prices.

There was a surge in borrowing across the board, and figures show that despite record low interest rates, the number of people taking “marathon mortgages” also increased.