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Finding The Right Mortgage Repayment Length For You

There are a number of things to consider before you even consider applying for a mortgage. One of the most difficult decisions to make is choosing the length of time in which to pay your mortgage. They can vary from just a couple of years up to double figures, but why is there such a wide range, and which is best for your situation? Here at Search Mortgage Solutions, our mortgage brokers want to help you find the best mortgage for your situation, so here are our mortgage repayment length tips.

A short period

Firstly it’s important to outline the current positives of the mortgage market. The last 12 months have been great for mortgages and there are plenty of low interest rates available. Unfortunately they are expected to rise in the not too distant future. Because of this inevitable rise, one potential move would be to sign up to a short fixed term mortgage, such as two years, so that the interest rise will have little or no impact on your repayments.

Obviously in an ideal move we would all like to sign a short length mortgage but of course financially it might be impossible for many because the shorter the length of time, the bigger the monthly repayments. If you have managed to save a considerable lump sum before signing up then this might be the deal for you, but if you haven’t you might find it very difficult to live with.   

A longer period

On the other side of the coin is a longer term mortgage. Off the back of discussing the shorter period, the obvious positive of signing up to a lengthier mortgage deal is that the monthly payments will be much smaller, therefore more manageable, especially if you enter the mortgage without a great deal of savings.

With interest rates at staggering lows, it can be tempting to sign onto a fixed payment long term mortgage, however these deals will still be more expensive than a short deal in its entirety as you pay more interest for the privilege of having such time to pay back. While the standard longer period mortgage length might be around 6 years, recent deals have stretched in to double figures, with deals as long as 10 or even 12 years.

Money aside these deals are obviously easier to commit to if you feel as if the home you are buying is somewhere you are going to be for some time. They are not ideal for people who plan to move on in a couple of years, whereas a shorter one is.

Because of the fantastically low interest rates (around 1%), there is no better time to move for a short term mortgage, such a 2 or 3 year deal, however we understand that this just isn’t achievable for everyone. With the current renting situation, it is trickier to save than ever so there will be an increasing amount of people who can’t take on these deals. If you are managing to save at a much smaller monthly pace then obviously a long term deal is most likely your only option.

Regardless of what you can or can’t afford, Search Mortgage Solutions can help you find the best possible deal for your financial situation, no matter how unique…all without any broker fees!


Search Mortgage Solutions
125 Deansgate,
M3 2BY
0161 710 2587


Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up with repayments on your mortgage

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