Over What Term Should I Take My Mortgage?

A lot depends on your ability to repay the mortgage. Your age could also be a factor, and you will certainly want to have it paid before your retirement date. Your mortgage can be for any period for five to forty years, though due to the way interest works, the lower the term then the less you will repay overall.

You will obviously pay more each month for a shorter period, but you will pay less interest. Most people take out a longer term mortgage to start with because they have other costs to pay that involved in buying and running their first home in addition to their mortgage repayments.