How Long should I take a mortgage out for

Bowsa

Could I remortgage at any point and change the payment term?

kingstreet

Yes. Provided you meet affordability for the shorter term.

BTW you'll find only a handful of lenders will offer a 40 year term. a 35 year maximum will leave more lenders and probably better rates to choose from.

Bowsa

Thank you all - is there different "qualities" of mortgages ......or do you just go for the cheapest one that comes up (i.e i'm using money supermarket, to check for mortgages are the all the same or do they have things I should look out for like car insurance)?

kingstreet

The combination of fees, rate and cashback primarily.

Then, if you want to overpay, is it 10% of balance, 10% of original loan amount, or 20% of balance.

ERC levels? Stepped and reducing or level?

You have to determine the issue important to you. There is no one-size-fits-all solution.

As long as you and the property fit lender criteria, you can select from the above.

getmore4less

As well as the above

LTV tier points fees and rate difference for retention deals if starting out at very high LTV.

if circumstances could change a good retention deal to fall back on can be worth a bit on the initial rate.