GETTING A MORTGAGE


Length of Mortgages


Most mortgages run for 25 years, but they don't have to. The longer they run, the lower the monthly payments will be but equally, the longer you are paying the money back, even at lowly amounts, the more you will have to pay.

There is good reason to cut the length of the mortgage if you can by paying higher monthly repayments for a 20-year loan, for example. Over the length of the loan, you will save thousands of pounds, as you reduce the debt quicker. And while some lenders offer loans of more than 25 years, meaning your monthly payments will be lower - but you will pay more overall.