How long is a mortgage in the UK?

Understanding UK Mortgage Terms and What They Mean for You

When buying a home, one of the biggest decisions is the length of your mortgage. Many first-time buyers ask, “how long is a mortgage?” This guide explains typical UK mortgage terms and how they affect repayments.

How long are mortgages in the UK?

Traditionally, 25-year mortgages were standard. However, rising house prices have led many buyers to consider longer terms of up to 40 years. Longer terms reduce monthly repayments, making mortgages more affordable for first-time buyers. Anything over 25 years is considered an extended term.

Is it beneficial to take out a long mortgage term?

Longer mortgage terms lower monthly repayments, which may improve the likelihood of mortgage approval. Lenders consider income, debts, and monthly outgoings when assessing affordability.

For example:

• Borrowing £175,000 over 25 years at 3% interest: £830/month
• Over 30 years: £738/month
• Over 35 years: £673/month

Long-term mortgages can be shortened later through remortgaging or overpayments, reducing interest paid and overall term.

Disadvantages of a long mortgage term

While monthly costs are lower, interest paid over the lifetime of the mortgage increases. Using the same £175,000 example:

• 25-year mortgage: £76,000 interest
• 35-year mortgage: £110,000 interest

Additionally, older borrowers may find it harder to secure long-term mortgages that extend into retirement.

Getting the right mortgage term for you

Choosing the right mortgage term depends on your income, spending, and future financial goals. Longer terms may be ideal initially, with the option to overpay when finances allow. Our team at WIS Mortgages can compare deals from 90 lenders to find the best mortgage term for your situation.

FAQs

How long do mortgages usually last in the UK?

Most mortgages are 25 years, but terms can range from 5 to 40 years depending on the borrower’s circumstances and lender policies.

What are the benefits of a long mortgage term?

Lower monthly repayments and improved affordability. Longer terms can help first-time buyers get onto the property ladder.

What are the disadvantages of a long mortgage term?

Higher total interest paid over the life of the mortgage and potential difficulty for older borrowers to secure approval for very long terms.

Can I shorten my mortgage term later?

Yes, through remortgaging or making overpayments, you can reduce the total term and interest paid.

As a mortgage is secured against your home/property it may be repossessed if you do not keep up with the mortgage repayments.