Mortgage Term: How long does a mortgage last?

As far as the regulations are concerned, there is no limitation about the right length (term) to a mortgage. The standard term is around 25 years, and most of us tend to have a mortgage throughout our working lifetime. With the large sums involved, this spreads the cost and makes your monthly payments more manageable.
However, you can choose a different term if it suits you and the mortgage lender and you agree that you can afford it. If you can afford a shorter term you may have higher monthly payments but overall you pay less in total (see table below). With a longer term, you may pay less each month but more in total. As a general rule, the sooner you get rid of your mortgage loan, the better it will be and the less it will cost you.
Ask for keyfacts documents about this mortgage documents showing different mortgage terms and use Section 5 to compare the total cost of a mortgage over different terms. You can also use an online Mortgage calculator to see how different mortgage terms will affect your monthly payment.
Avoid making any financial commitments that go past the age you retire unless you're sure you'll be able to afford the payments.
Example of how the term alters the cost of a repayment mortgage if interest is 6% a year

Mortgage term in years	Monthly payment for a £100,000 repayment loan	Total amount you'll repay, including the amount you borrowed
10	£1,110	£133,200
15	£843	£151,740
20	£716	£171,840
25	£644	£193,200
30	£600	£216,000
Interest calculated monthly

Top tips

1. Remember that a mortgage should fit comfortably with your earnings and your commitments.
2. Don't take out a mortgage that runs past your retirement, if you're not certain you will be able to afford it.