What length mortgage?

What length mortgage is best?

We are often asked by customers what length of time that they should set up a mortgage for and we commonly hear customers asking for a ‘traditional’ 25 year mortgage term, but traditional should not be the reason for choosing a mortgage term, especially when it will be one of the biggest purchases of your life.

Mortgage terms are now commonly available for up to 40 years.

At first a longer term will give you a more manageable monthly repayment  (sometimes useful for your first purchase) but remaining on the longer term will also mean that you will pay back much more in interest.

The lower payment may well seem very tempting now but will it be so appealing when you are looking to or have actually retired?




Always make sure that you review and change the mortgage term in the future, you may well be able to afford to pay more each month and be mortgage-free a lot sooner.

Another setback of having a longer term is that the mortgage balance will reduce more slowly.

If you are looking to move home again, and need to rely on the profit made (called equity) by selling your current home, then you will create more equity by having a lower term.

It is best not to decide on what mortgage length to go for simply by choosing the longest mortgage term offered to you.

The shorter the mortgage term you choose, the higher the monthly repayments, but the benefit is that you will be free from debt faster!

You can check out our range of mortgage deals here.

Please contact us on 01782 255000 for more details about any of our mortgage products, alternatively pop in to one of our branches.

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Andrew Parsons

About the Author Andrew Parsons
Andrew is a CeMap qualified Mortgage Adviser at The Hanley and has worked within Financial Services for over 20 years.

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