Long term or Shert term approval

f1rsttimebuyer_2

As a first time buyer, I could afford mortgage repayments on a 70K property over a 10 year period.

Would I be more likely to be accepted if I apply for a 25 year mortgage or a 10 year mortgage or something in between?

Thanks

Thrugelmir

Your age is the critical factor when taking into account the mortgage term.

f1rsttimebuyer_2

I'm 22. Earn 30K a year, looking for first property.

GMS

If you are comfortable with repayments on a 10 year term then this will obviously save you money over a 25 year term.

Consider a longer term on a mortgage with unlimited overpayments. That way you keep your contractual payments down and easily manageable and can overpay each month as much as you want. This will bring down the term but puts less pressure on you per month.

f1rsttimebuyer_2

I'm comfortable paying 10 years, I'm asking which is more likely to be approved?

GMS

Neither is more likely to be approved.

If affordability is proven then it is as simple as that. Have you checked any affordability calculators?

dimbo61

I used the YBS mortgage calculator recently and it would allow me to borrow twice as much over 15 years as it would over 5 years!!!
Dont know why but like others have said look at a mortgage which allows unlimited overpayments ( think offset mortgages )