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Most mortgages are repayment types, meaning the amount borrowed is paid back over time. The intent is often to fully repay and thereby clear the mortgage.

It is common to target full repayment of a mortgage ahead of retirement, which is why lenders often ask what age you intend to retire.

The ‘term’ is the amount of time allocated to repay a mortgage. It can be as short as someone can afford, and up to as long as 40 years in rare cases, sometime aimed at first-time buyers with long careers ahead.

Longer terms allow more time to spread the borrowing across, therefore cheapening the monthly repayments. However, borrowers would pay more interest in the long run, and also risk having mortgage debt outstanding nearer to their retirement age.

Shorter mortgage terms mean the borrowing is paid off earlier. Additionally, the LTV is reduced quicker, which is helpful when moving to a cheaper LTV band. However, by setting a short term, it will cost more each month during the initial period.
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These videos are not intended to provide professional mortgage advice and should not be relied upon or regarded as a substitute for such advice. The information contained within each video is for illustrative and information only. Information is aimed at UK consumers only. We recommend that you seek advice from a qualified professional mortgage advisor before acting on any information or other content appearing within these videos.