{"id":557,"date":"2024-04-30T12:11:44","date_gmt":"2024-04-30T11:11:44","guid":{"rendered":"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/?page_id=557"},"modified":"2026-02-24T09:20:35","modified_gmt":"2026-02-24T09:20:35","slug":"what-is-a-mortgage-term","status":"publish","type":"page","link":"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/how-to-get-a-mortgage\/what-is-a-mortgage-term\/","title":{"rendered":"What are mortgage terms and how do they work?"},"content":{"rendered":"\n<p>When you\u2019re applying for a mortgage, one of the first things you\u2019ll need to consider is the mortgage term. This refers to the number of years it will take to repay your loan, as well as the interest.&nbsp;&nbsp;<\/p>\n\n\n\n<p>When you take out a mortgage, you\u2019ll have to decide on a mortgage term that meets your needs, both now and in the future.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The longer the term, the lower your monthly repayments will be. But the longer you spend paying off your loan, the more interest you\u2019ll end up paying, and the older you\u2019ll be when it\u2019s fully repaid. It may seem odd thinking about this now, but the term might extend into your planned retirement.&nbsp;<\/p>\n\n\n\n<p>So, the mortgage term that will be right for you will depend on several factors, including your age and your financial circumstances, or the joint financial position of you and anyone else you might be borrowing with.&nbsp;<\/p>\n\n\n\n<h2 id=\"how-long-is-a-normal-mortgage-term\" class=\"wp-block-heading\">How long is a \u2018normal\u2019 mortgage term?<\/h2>\n\n\n\n<p>Actually, there\u2019s no such thing. Traditionally home-buyers have tended to go for a 25-year mortgage. This is because mortgages used to be linked to long-term investments, called endowments, that were used to repay the capital. \u202fHowever, most lenders will offer longer terms to help spread the cost of a mortgage over 30 to 40 years, or more, depending on your age.&nbsp;<\/p>\n\n\n\n<p>When you apply for a mortgage, you can choose the term you think you can most comfortably afford. Lenders use the mortgage term as a key part of their affordability assessment, which will determine how much they\u2019re prepared to lend you. It\u2019s worth checking out some repayment calculators to compare how longer and shorter periods of time could affect your monthly repayments. By extending the loan period, you might be able to borrow more, but this will impact how much interest you\u2019ll also pay.&nbsp;&nbsp;<\/p>\n\n\n<a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/calculators\/mortgage-calculator\"\n   target=\"\"\n   class=\"my-5 c-calculator-module c-calculator-module--slim c-calculator-module--layout-1 c-calculator-module--light \" \n   data-module-admin-id=\"\">\n    <div class=\"c-calculator-module__media\" style=\"background-image: url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/doccalc.svg)\"><\/div>\n    <div class=\"c-calculator-module__body c-wp c-wp--flush\">\n        <h2 class=\"c-calculator-module__title\">\n            <span class=\"c-calculator-module__title__icon\" style=\"background-image:url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/doccalc.svg);\"><\/span><span>Try our Mortgage Calculator<\/span>        <\/h2>\n        \n        <div class=\"c-calculator-module__footer \">\n                        <div class=\"c-calculator-module__footer__item c-calculator-module__footer__item--cta\">\n                <div class=\"c-calculator-module__cta\">\n                    <svg class=\"c-icon c-icon--arrow-line-right\"><use xlink:href=\"#icon-arrow-line-right\"><\/use><\/svg>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/a>\n\n\n\n<h2 id=\"what-are-the-different-ways-you-can-repay-your-mortgage\" class=\"wp-block-heading\">What are the different ways you can repay your mortgage?&nbsp;<\/h2>\n\n\n\n<p>With a capital repayment mortgage, you pay off the interest and some of the capital each month. With interest-only mortgages, you only pay off the interest on the amount you borrow.&nbsp;<\/p>\n\n\n\n<h3 id=\"repayment-mortgages\" class=\"wp-block-heading\">Repayment mortgages&nbsp;<\/h3>\n\n\n\n<p>If you want to pay off the amount you\u2019re borrowing, together with the interest, the most common way is by choosing a repayment mortgage. The payments you make every month will gradually pay off the original amount you borrowed, as well as the interest on the loan. <\/p>\n\n\n\n<p>The amount of capital you repay each month will be determined by the mortgage term, which means the longer you take the mortgage term, the less capital you pay and the more interest \u2013 which means you have an overall lower monthly payment. The opposite is true with a shorter term.&nbsp;<\/p>\n\n\n\n<h3 id=\"interest-only-mortgages\" class=\"wp-block-heading\">Interest-only mortgages&nbsp;<\/h3>\n\n\n\n<p>If you have an interest-only mortgage, the mortgage term doesn\u2019t impact how much you pay each month, as you\u2019re not repaying your mortgage as you go along. Therefore, the amount you pay is simply the interest on the mortgage balance. So the term is the length of time it takes until you stop paying interest. You\u2019ll then need to repay the full amount of the loan.&nbsp;<\/p>\n\n\n\n<p>So, whilst you can have a longer term, all this does is increase the total amount of interest you\u2019ll repay, but it won\u2019t change the amount you can borrow. Of course, having a longer term will give you more time to ensure that you\u2019re able to repay the mortgage when it becomes due.&nbsp;<\/p>\n\n\n\n<p>To be considered for an interest-only mortgage, the lender will need you to prove you can repay the loan at the end of the term with things like savings, investments, or pensions. Most lenders will have a maximum loan-to-value (LTV), which is usually somewhere between 60%-75%. And they will set a minimum property value to help ensure that you\u2019re more likely to have a lump sum of equity should you choose to sell your property when your term ends.&nbsp;<\/p>\n\n\n<div class=\"c-related my-4\" id=\"\">\n    <h2 id=\"related-guides-and-news\" class=\"c-related__title\">Related guides and news<\/h2>\n    <div class=\"row gy-4\">\n                    <div class=\"col-12 col-lg-6\">\n                <div class=\"c-related__item\">\n                    <div class=\"c-related__item-title\">\n                        Understanding the different types of mortgages                    <\/div>\n                    <a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/mortgage-types\/types-of-mortgages\/\" target=\"\" class=\"c-related__cta\">Read now<svg class=\"c-icon c-icon--chevron-line-right\"><use xlink:href=\"#icon-chevron-line-right\"><\/use><\/svg><\/a>                <\/div>\n            <\/div>\n                        <div class=\"col-12 col-lg-6\">\n                <div class=\"c-related__item\">\n                    <div class=\"c-related__item-title\">\n                        How much can I borrow with a mortgage?                    <\/div>\n                    <a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/financing\/how-much-can-i-borrow-with-a-mortgage\/\" target=\"\" class=\"c-related__cta\">Read now<svg class=\"c-icon c-icon--chevron-line-right\"><use xlink:href=\"#icon-chevron-line-right\"><\/use><\/svg><\/a>                <\/div>\n            <\/div>\n                <\/div>\n<\/div>\n\n\n\n<h2 id=\"how-does-the-length-of-a-mortgage-impact-the-cost\" class=\"wp-block-heading\">How does the length of a mortgage impact the cost?&nbsp;<\/h2>\n\n\n\n<p><em>Please note: this article focuses on mortgage costs only. You can find more details on the additional costs of buying a home&nbsp;<\/em><a href=\"https:\/\/www.rightmove.co.uk\/guides\/buyer\/once-offer-accepted\/cost-of-buying\/\"><em>here<\/em>.<\/a><\/p>\n\n\n\n<p>The longer the mortgage term you choose, the more interest you\u2019ll pay over the duration of your loan.&nbsp;&nbsp;<\/p>\n\n\n\n<p>For example, the table below illustrates how much interest you\u2019ll pay* over the full term of a mortgage loan if you\u2019re buying a home for \u00a3225,000, with a 10% deposit of \u00a322,500, and a fixed mortgage interest rate of 5%.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th>Term<\/th><th>Monthly payment<\/th><th>Total cost of mortgage<\/th><th>Total interest over full term<\/th><\/tr><\/thead><tbody><tr><td>10 years<\/td><td>\u00a32,148&nbsp;<\/td><td>\u00a3257,739&nbsp;<\/td><td>\u00a355,239&nbsp;<\/td><\/tr><tr><td>15 years<\/td><td>\u00a31,601&nbsp;<\/td><td>\u00a3288,244<\/td><td>\u00a385,744&nbsp;<\/td><\/tr><tr><td>20 years<\/td><td>\u00a31,336&nbsp;<\/td><td>\u00a3320,738&nbsp;<\/td><td>\u00a3118,238&nbsp;<\/td><\/tr><tr><td>25 years<\/td><td>\u00a31,184&nbsp;<\/td><td>\u00a3355,138&nbsp;<\/td><td>\u00a3152,638&nbsp;<\/td><\/tr><tr><td>30 years<\/td><td>\u00a31,087&nbsp;<\/td><td>\u00a3391,343&nbsp;<\/td><td>\u00a3188,843&nbsp;<\/td><\/tr><tr><td>35 years<\/td><td>\u00a31,022&nbsp;<\/td><td>\u00a3429,237&nbsp;<\/td><td>\u00a3226,737&nbsp;<\/td><\/tr><tr><td>40 years<\/td><td>\u00a3976<\/td><td>\u00a3468,695&nbsp;<\/td><td>\u00a3266,195&nbsp;<\/td><\/tr><tr><td>45 years<\/td><td>\u00a3944&nbsp;<\/td><td>\u00a3509,587&nbsp;<\/td><td>\u00a3307,087&nbsp;<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>*This table provides an example of how interest payments can increase over longer mortgage term periods. However, the interest rate for most mortgages isn\u2019t fixed for the full term and is likely to change several times during the term of the loan. This table also doesn\u2019t take into account any product fees applicable to the loan.<\/em>&nbsp;<\/figcaption><\/figure>\n\n\n\n<p>Everyone\u2019s circumstances are different. You might have a bigger than average deposit to put down, or you might have some debt that you want to repay while also repaying your mortgage. Mortgage lenders will consider your spending commitments, as well as your income, before deciding how much they\u2019ll lend to you.&nbsp;&nbsp;<\/p>\n\n\n\n<p>You can choose a mortgage term which aligns to your budget and what you feel comfortable paying each month. It can be really helpful to discuss your options with a mortgage broker or your lender\u2019s in-house adviser.&nbsp;<\/p>\n\n\n\n<p>The mortgage term is a major factor in determining your monthly payments, but the product choices you have available to you are also important. Lenders offer a range of rates and fee choices.&nbsp;&nbsp;<\/p>\n\n\n\n<p>For example, you may be offered a mortgage with a product fee, but at a lower interest rate. The bigger your loan size, the more beneficial it can be to pay a fee, because this gives you access to a lower interest rate, which can mean that you end up repaying more of your balance. This can be quite complex to figure out, so you should ask your broker or lender\u2019s adviser to show you the financial impacts of the difference between a no fee product, paying a fee or adding it to the loan \u2013 and how this is impacted by your mortgage term.&nbsp;<\/p>\n\n\n\n<p>If your mortgage term goes beyond the age you think you\u2019ll retire, your lender is likely to ask you questions about your income in retirement. They\u2019ll want to know that you can continue to make your mortgage payments when you\u2019re no longer working. But if you\u2019re a long way from retirement, the lender will just generally want to see that you\u2019re planning and saving for retirement by checking things like your contributions to workplace pensions.&nbsp;<\/p>\n\n\n\n<p>Therefore, choosing a term that will take your mortgage into your planned retirement may impact both the questions that lenders ask you, and the amount that you can borrow.&nbsp;<\/p>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/how-to-get-a-mortgage\/mortgage-broker-adviser\/\">mortgage broker<\/a>&nbsp;\u2013 or your lender\u2019s in house adviser \u2013 can help you to work out how you balance all these competing considerations and choose a mortgage term that will meet your needs.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 id=\"can-you-change-the-term-of-your-mortgage\" class=\"wp-block-heading\">Can you change the term of your mortgage?<\/h2>\n\n\n\n<p>Yes, but there are some eligibility restrictions on tinkering with your mortgage term.\u202fIf extending your term takes you beyond retirement, your lender will need to do further assessments. This may also apply when you reduce your mortgage term and increase your monthly payment \u2013 as the lender may need to check that your payments are still affordable.&nbsp;<\/p>\n\n\n\n<p>You can speak to your lender about extending or reducing your existing mortgage term at any time. Most lenders don\u2019t charge fees for changing the term of your mortgage. Some lenders will let you do this online too, either via a form or by showing you the cost implications of your choices.&nbsp;<\/p>\n\n\n\n<p>If your financial situation changes \u2013 for example, if you\u2019d like to reduce your monthly repayments to free up a bit more money \u2013 you might be able to extend your mortgage term accordingly. If you\u2019re struggling to meet your monthly repayments, you should always speak to your lender who will have a range of options available to you.&nbsp;<\/p>\n\n\n\n<p>You can also apply for a new term if you\u2019re looking to remortgage or when you do a product transfer, or rate switch, with your existing lender.&nbsp;<\/p>\n\n\n\n<h2 id=\"could-overpayments-reduce-the-term-of-my-mortgage\" class=\"wp-block-heading\">Could overpayments reduce the term of my mortgage?<\/h2>\n\n\n\n<p>Yes, overpaying your mortgage can be used to shorten your term. So, you can choose to make overpayments to reduce the amount of interest you pay, but early repayment charges may apply. Many lenders allow overpayments of up to 10% of the outstanding balance of your loan, without you having to pay a fee.&nbsp;<\/p>\n\n\n\n<h2 id=\"how-does-your-age-impact-the-length-of-mortgage-you-choose\" class=\"wp-block-heading\">How does your age impact the length of mortgage you choose?<\/h2>\n\n\n\n<p>If you\u2019re in your twenties or thirties, you\u2019ll be eligible for a longer mortgage term, because lenders assume you\u2019ll still be working until it\u2019s paid off. Typically, lenders cap mortgage terms at a maximum of 40 years.&nbsp;<\/p>\n\n\n\n<p>Lenders will need to understand when you intend to retire, because they want to be sure you\u2019ll be able to continue your repayments throughout the full term of the mortgage<strong>.<\/strong>&nbsp;<\/p>\n\n\n<div class=\"row mb-5 mt-4 g-4\" id=\"\"><div class=\"col-12 col-lg-6 mb-2\"><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/calculators\/mortgage-calculator\"\n   target=\"\"\n   class=\"c-calculator-module c-calculator-module--tall c-calculator-module--layout-2 c-calculator-module--light \" \n   data-module-admin-id=\"\">\n    <div class=\"c-calculator-module__media\" style=\"background-image: url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/doccalc.svg)\"><\/div>\n    <div class=\"c-calculator-module__body c-wp c-wp--flush\">\n        <h2 class=\"c-calculator-module__title\">\n            <span>Try our Mortgage Calculator<\/span>        <\/h2>\n        <div class=\"c-calculator-module__content c-wp c-wp--flush\"><ul class=\"c-checklist\">\n<li>Understand your affordability<\/li>\n<li>See your monthly repayments<\/li>\n<li>Check how much you could borrow<\/li>\n<li>Find homes that match your budget<\/li>\n<\/ul>\n<\/div>\n        <div class=\"c-calculator-module__footer \">\n                        <div class=\"c-calculator-module__footer__item c-calculator-module__footer__item--cta\">\n                <div class=\"c-calculator-module__cta\">\n                    <svg class=\"c-icon c-icon--arrow-line-right\"><use xlink:href=\"#icon-arrow-line-right\"><\/use><\/svg>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/a>\n<\/div><div class=\"col-12 col-lg-6 \"><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/mortgage-in-principle\"\n   target=\"\"\n   class=\"c-calculator-module c-calculator-module--tall c-calculator-module--layout-2 c-calculator-module--light \" \n   data-module-admin-id=\"\">\n    <div class=\"c-calculator-module__media\" style=\"background-image: url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/calc-medium.svg)\"><\/div>\n    <div class=\"c-calculator-module__body c-wp c-wp--flush\">\n        <h2 class=\"c-calculator-module__title\">\n            <span>Get a Mortgage in Principle<\/span>        <\/h2>\n        <div class=\"c-calculator-module__content c-wp c-wp--flush\"><ul class=\"c-checklist\">\n<li>Find out how much you can borrow<\/li>\n<li>You could get property viewings faster<\/li>\n<li>Your credit rating won\u2019t be affected<\/li>\n<li>And you\u2019ll be 1 step closer to a mortgage offer<\/li>\n<\/ul>\n<\/div>\n        <div class=\"c-calculator-module__footer \">\n                        <div class=\"c-calculator-module__footer__item c-calculator-module__footer__item--cta\">\n                <div class=\"c-calculator-module__cta\">\n                    <svg class=\"c-icon c-icon--arrow-line-right\"><use xlink:href=\"#icon-arrow-line-right\"><\/use><\/svg>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/a>\n<\/div><\/div>\n\n<div class=\"c-section c-section--primary-lighter my-4 c-section--has-icon\" id=\"\">\n    <h2 class=\"c-section__title\">\n        To summarise&#8230;<div class=\"c-section__title__icon\" style=\"background-image:url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2023\/11\/contents.png);\"><\/div>    <\/h2>\n    <div class=\"c-section__content\">\n        <ul>\n<li>Your chosen mortgage term will impact your monthly payments, and the total interest you\u2019ll pay over the course of your loan<\/li>\n<li>Terms will often range from the traditional 25 years, up to 40 years or more<\/li>\n<li>Repayment options include capital repayment, or interest-only mortgages<\/li>\n<li>Adjusting the mortgage term can affect your affordability, and the lender\u2019s assessment<\/li>\n<li>Making overpayments can shorten the length of your term, but you may incur early repayment charges<\/li>\n<li>Your age will impact the length of mortgage term you\u2019re eligible for<\/li>\n<\/ul>\n    <\/div>\n<\/div>\n\n\n\n<p>Please note: Rightmove is not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from a regulated mortgage adviser.\u202f<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re applying for a mortgage, one of the first things you\u2019ll need to consider is the mortgage term. This refers to the number of years it will take to repay your loan, as well as the interest.&nbsp;&nbsp; When you take out a mortgage, you\u2019ll have to decide on a mortgage term that meets your [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1235,"parent":835,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","author_profile":""},"class_list":["post-557","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":{"author_profile":[]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What are mortgage terms and how do they work? - Rightmove<\/title>\n<meta name=\"description\" content=\"When you&#039;re applying for a mortgage, one of the first things you\u2019ll need to consider is the mortgage term, or length of your mortgage loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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