How long does a mortgage last?
There is no 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 lender agrees that you can afford it. If you can afford a shorter term you may have higher monthly payments but pay less in total (see table below). With a longer term, you may pay less each month but more in total.
Ask for 
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 our Mortgage calculator to see how different mortgage terms will affect your monthly payment.
Try not to make 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
- Remember that a mortgage should fit comfortably with your earnings and your commitments.
- Don't take out a mortgage that runs past your retirement, if you're not certain you will be able to afford it.