First Time Buyers Mortgages

30, 35, 40 year term Mortgages

How 30, 35, 40 year mortgages work

Depending on your age, loans can be taken for up to 57 years compared with the traditional 25. Your repayments will be lower, even on a repayment style mortgage where you pay back both capital and interest.

For lenders that work on affordability criteria (money that goes in and out every month) you may be more likely to qualify for a loan.

A long-term mortgage like this is rarely taken as an upfront deal – it just becomes extended as the borrower goes along. Decreasing the term as you grow older and earn more will save quite a bit of the interest charges

Advantages of 30, 35, 40 year mortgages

It can be a way to afford to buy your first home.

Disadvantages of 30, 35, 40 year mortgages

It will cost more in the long run.

The interest you repay to the lender may cancel out the benefit of the equity accrued by being on the property ladder.

You will have to be in receipt of income for most of your life (It is possible to change the term as your salary goes up or if you come into some money).

Lenders offering 30, 35, 40 year mortgages

Many lenders - catch up with a mortgage advisor for help.

30, 35, 40 year mortgages advice

Find out more about long term mortgages by requesting co-commitment mortgage advice.

Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages