£130k mortgage, should I put 13 years, 23 years or 10 years?

tracyyi
tracyyi Forumite Posts: 63
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I assume the rate is the same for £130 mortgage for 23 years, 13 years?

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  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
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    Rate should be the same, repayments and chance of acceptance will change.
  • tracyyi
    tracyyi Forumite Posts: 63
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    Rate should be the same, repayments and chance of acceptance will change.
    Yes, rate is the same. I am doing remortgage, as my fixed 2 years is ending soon.
  • silvercar
    silvercar Forumite, Ambassador Posts: 45,900
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    edited 8 June at 4:17PM
    Assuming you have a repayment mortgage the monthly payments will be lower, the longer the term.
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  • tracyyi
    tracyyi Forumite Posts: 63
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    silvercar said:
    Assuming you have a repayment mortgage the monthly payments will be lower, the longer the term.
    yes, correct. What else the different?
    As a consumer, which is better? 23 years or 13 years?
  • Altior
    Altior Forumite Posts: 453
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    Purely personal judgement and preference, assuming you can afford the shorter term. You'll pay more interest over the longer term, however as in real terms the cost of the repayments diminishes.

    Some people want to pay their mortgage off as soon as they can, personally I'm at the opposite end of that spectrum, and keeping repayments as low as possible, whilst investing the difference. 
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