Cashback Remortgages · Mortgage rates
Choosing Your Mortgage Term
The mortgage term — how long you take to repay — affects both your monthly payment and the total interest you pay. Choosing it is a balance.
How the term works
A longer term lowers the monthly payment but increases total interest; a shorter term does the opposite. Many buyers pick a term that makes payments comfortable, then overpay when they can.
Age and affordability rules can limit the maximum term.
Making the choice
Choose a term you can sustain, keeping some headroom for rate rises. You can often shorten the term later by overpaying or at a remortgage.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.