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