Lenders have been called on by government to consider offering fixed mortgages of up to 30 years to encourage greater market stability.
Housing minister Grant Shapps has told the Building Societies Association's Annual Mortgage Seminar that he wants to begin a national debate on longer-term fixed mortgages as a "normal and sensible choice".
At present there are no mortgages with guaranteed lifelong interest rates and longer term deals that often require large deposits.
"In today's uncertain world, people want to know where they stand," the minister said.
"Yet when it comes to buying a home, there are no mortgages available for them where they can fix their payments for a long time - the longest fixed-rate mortgage for many is five years.
"Longer term mortgages - possibly as long as 30 years - could help families on tight budgets know exactly where they stand when they're buying a home, by giving them greater certainty over how much they will be paying for their home in years to come.
"While they won't be right for everyone, lenders should start to look at the case for 30-year mortgages and how we can move to a more stable housing market where first-time buyers can get their first foothold on the property ladder at a cost they know they can afford."
Shapps argued that the certainty of longer-term mortgages can bring new funding into the market by offering a long-term fixed return for investors.
And opening up new finance will give first-time buyers and those without much equity in their homes a better chance of getting a foot on the ladder.
He said that the government wants to see stability in the housing market and with interest rates in the long term.
Paul Smee, director-general of the Council of Mortgage Lenders, said: "Most households appear to be able to absorb anticipated interest rate rises over the next few years without seeing the cost of their monthly mortgage payment rise above its original level.
"Many households have seen a significant windfall from reverting onto variable rates over the past few years, although this will be less true for those coming off short-term fixed rates in the near future.
"The choice of whether or not to fix, and for how long, involves taking a view about the likely direction of future interest rates, along with a personal consideration of how much rate risk is acceptable to a household.
"Given the economic uncertainty, it is not surprising that for the time being many of those who have reverted onto variable rates and could remortgage are choosing to wait before they decide what to do next. "
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