What does 'Mortgage Term' mean when buying a property?
Find out what Mortgage Term means when you are buying a property. 'What does Mortgage Term mean?' plus over 150 other property related terms and jargon in plain English
Mortgage Term
This means the time you have to pay back the mortgage to the lender. It will be defined by the lender as the number of months or years.
Most standard mortgages are for 25 years (the "mortgage term" is 25 years) but you can choose a shorter time-scale.
Some lenders now offer longer terms. Terms which could last your entire working life, say 45 years, are sometimes referred to as Lifetime Mortgages.
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