How long does a mortgage last?

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. With a longer term, you may pay less each month but more in total.

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.