Mortgage term

Rebecca01

Hello

I was just wondering if the term of your mortgage applied for affected your chances of obtaining one. So if someone applied for a 15 year mortgage instead of the standard 25 years. Would the banks look on it unfavourably as they wouldnt have us much interest or favourably as they reclaim their money quicker?

Does it make a difference at all?

Thank you

Wh05apk

Only in as far as it would affect affordability, over a shorter term the payments would be higher making it less affordable.

opinions4u

If you can afford it, they won't care about the term. Many customers switch lender every couple of years anyway.

Taking a longer term and overpaying as if you had a shorter term is one way to handle this. If you have the discipline.

_Andy_

"Would the banks look on it unfavourably as they wouldnt have us much interest or favourably as they reclaim their money quicker?"

Not at all.

Rebecca01

Thanks everyone.