We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Debate House Prices

In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

30 year mortgage - much worse than 25 year?

Manchee · 2014-08-25 10:05:49

I'm a bit naive when it comes to things like owning property and mortgages and stuff but weve been starting to plan our future a bit recently and set goals (we are currently in rented, would be first time buyers with a 10% deposit). Is it a stupid idea to look to get a 30 year mortgage instead of 25? See our idea is with a…

Options

Comments

jamesd Posts: 26,103 Forumite

29 August 2014 at 2:23PM

freeman3030 wrote: »

he asked what sort of term we were after and I said 25 years. He then gave me the best bit of advise, make it 35 years and just overpay. That way if one of us looses our job we can reduce the payments. It's just much more flexible!

Right! It's not how much you can pay but the minimum you have to pay, so get the greatest flexibility you can.

0