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

tracyyi

I assume the rate is the same for £130 mortgage for 23 years, 13 years?

CSI_Yorkshire

Rate should be the same, repayments and chance of acceptance will change.

tracyyi

CSI_Yorkshire said:

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

Assuming you have a repayment mortgage the monthly payments will be lower, the longer the term.

tracyyi

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

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.