25 years or longer?

hcb42

going over 25 years seems like a life sentence, if you dont need to, dont do it, you will feel like you never pay the debt off

mumbles87

Im 27 and we just signed a 35 year deal, the idea being that after next year when we pay for our wedding we start over paying on the mortgage and it will be paid off in 25 years.

Best bit of advise I have ever been given because we will pay it off in 25 years still however if say one month we had a problem and needed a few extra £100 (and we didnt have savings for any reason) we can just not overpay. Also if either of us face an income drop or my fianc! to wanted to stay at home with future children we could swallow up the difference and stay on course for 35 years

flexible

stator

Go for a long term and build up a large savings account, then make overpayments. If you get into trouble, ie lose job etc, you won't be able to get back money you paid off the mortgage, but you will be able to dip into your savings account

M0ney

hcb42 wrote: »

going over 25 years seems like a life sentence, if you dont need to, dont do it, you will feel like you never pay the debt off.

I'd agree with this, when I first got a mortgage I took it out over 25 years (just before I turned 27) and after 3 months I thought it would be better to have a shorter term and reduced it to 20, the payments only went up by £48/month.

M0ney

M0ney wrote: »

I'd agree with this, when I first got a mortgage I took it out over 25 years (just before I turned 27) and after 3 months I thought it would be better to have a shorter term and reduced it to 20, the payments only went up by £48/month.

It's also worth adding that, in the future when you remortgage your equity will be higher and you will be able to get a lower rate.

Thrugelmir

Life doesn't get any cheaper if children come along!

tea_n_toast

We have children already! I'm a stay at home mum and plan to be for at least another two years then go to college/uni so theoretically this is the lowest our income should ever be so it probably makes sense to have our payments as low as possible and overpay where possible then maybe when I'm working sort it so we have higher actual payments.

At the moment we have literally zero money left over after rent and everything else so it would be so so nice to take a couple of years to build a little something up and just have less pressure all round.

I'm definitely swaying more towards 28-30 now, the MIP I got was for 25 years so when I'm viewing houses shall I just keep it quiet that I'm thinking more of 28/30 now then just change it when we actually apply?

Thanks again all, some really great points on here