Just 4 Mortgages
Why is My Mortgage Term Important?
Guide
Why does my mortgage term matter on a repayment mortgage?
1. Monthly Payments🏠
The longer your term is, the lower your mortgage payments will be, as you are spreading the cost over a longer period of time. So for First Time Buyers a longer term is often consider. On the other hand a shorter term will make you payments larger but it will end up saving you money in the long run as you will be paying less interest in total.
2. Age & Retirement 🕧
You will need to consider how you will be paying for your mortgage if this goes past your retirement age. The lender will also question this if your term does go past this as they will need to ensure that you will still be able to afford your payments at that time.
3. Interest Paid ✅
The longer your mortgage term is the more interest you will pay in total so it is always important to consider how much you will be paying over time.
You should always review your mortgage options with a whole of market mortgage adviser to ensure that you are getting the best deal you can and on the best term for you and your future. Give us a call today to see how we can help you!
01623 622611☎️
Admin@just4mortgages.co.uk📩
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee will be £494