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Does a mortgage have to be 25 years?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
3 replies 1.7K views
titewad_2titewad_2 Forumite
564 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Is it possible to get a mortgage over a lesser period than 25 years? that will allow overpayments as well.
The amount to borrow would be either £25,000 or £27,000,after deducting discount.We are basically being forced to buy our council house on right to buy.Purely to get on the housing ladder as we have been priced out of the private market.Truth is the house is too small,very little garden,absolutly no potential to extend and neighbours we can't abide.However,house prices in our area are still on the increase,we feel we have no option! Especially as we would be unable to sell for three years without having to repay the discount to the council. However we do not wish to be paying this amount over 25 years. Any advice appreciated,Thanks


  • divadeedivadee Forumite
    10.6K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    you can get a mortgage for any amount of years you like some companies even go up to 40 years (but i wouldnt advise that).

    They will look at your income and expenditure and see how much you can realisticaly afford. Then the term is up to you.

    HTH :)
  • misspricemissprice Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    i too have had to buy my council house for the same reason.

    i too hate the area and want to move out

    yes you can get a shorter mortgage term, mine is for 20 years but intend to pay off in five years.

    i had to get a mortgage to give housing costs, are you sure you cant get a loan. possibly cheaper.

    and just because you cant sell your house for three years doesnt stop you from renting it out if nec. i checked that when i signed up.

    63 mortgage payments to go.

    Zero wins 2016 😥
  • yonkyonk Forumite
    761 Posts
    Just get a mortgage with flexible features - Nationwide allow overpayments, so do lots of others, just check they don't charge - still spread the term over 20 or 25 years as that reduces the amount you have to pay as a minimum and then just do regular overpayments. It gives you flexibility with your spending.

    You can normally specify whether you want the term or the monthly payment reduced with each extra payment.
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