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HTB with 20 year mortgage, or does it have to be 25 years?
MoneySaverLog
Posts: 3,232 Forumite
I initially inquired about a 20 year mortgage.
On checking the Authority To Proceed I noticed that the approved mortgage term is showing as 25 years. I understand the equity loan lasts for a maximum of 25 years (but I have plans to pay this off much sooner).
Under HTB am I allowed to get a 20 year mortgage with this ATP, or would they have to amend it to show 20 years for the mortgage term as I suspect. I was hoping to pay off the mortgage before I take my company pension at 65 so 20 years would have been ideal.
On checking the Authority To Proceed I noticed that the approved mortgage term is showing as 25 years. I understand the equity loan lasts for a maximum of 25 years (but I have plans to pay this off much sooner).
Under HTB am I allowed to get a 20 year mortgage with this ATP, or would they have to amend it to show 20 years for the mortgage term as I suspect. I was hoping to pay off the mortgage before I take my company pension at 65 so 20 years would have been ideal.
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Comments
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We choose the term that best suits our client's needs within the min (affordability) and max (retirement) and we've done cases for as little as 15 years and as long as 35.
We simply attach a copy of the HTB Calculator to the PIF/Res submission email and request the term needed for affordability reasons.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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