Mortgage Term
A mortgage term is the length of time you agree to repay your mortgage.
1 min read Buying a Home
What it means
A mortgage term is the length of time you agree to repay your mortgage. Common terms are 25, 30 or 35 years. Longer terms usually reduce monthly repayments but increase the total interest paid.
Example
Borrowing £250,000 over 35 years gives lower monthly repayments than borrowing over 25 years, but you'll usually pay more interest overall.
Why it matters
The mortgage term affects both your monthly budget and the total cost of your mortgage.
You can often change your mortgage term later, subject to your lender's agreement.
Can I change my mortgage term later?
Often yes. Many lenders allow you to shorten or extend your mortgage term.