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Mortgage Term
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Mortgage term is simply the length of time over which the lender is willing to advance you the money before it must be repaid. The standard mortgage term in the UK is 25 years. Some lenders are prepared to make advances over longer periods, up to 30 and in rare cases even 50 years while you may always negotiate a shorter term yourself.
In fact although the standard term is 25 years, the average length of time that we keep a mortgage only around 7 years!
See also: Moneyextra's Mortgage Centre and Mortgage comparison Service for the latest facts and figures.
Last Updated: January 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.