Mortgage Knowledge Base
A mortgage term is the length of time over which a borrower repays a mortgage. The term of a mortgage can range from a few years to several decades, and is typically determined by the borrower’s age, the type of mortgage, and the lender’s policies.
The most common mortgage terms in the UK are 25 years and 30 years, although shorter and longer terms are also available. The term of a mortgage can have a significant impact on the overall cost of the loan, as a longer term will result in lower monthly payments but a higher total interest cost, while a shorter term will result in higher monthly payments but a lower total interest cost.
