What is the repayment period?
The repayment period is the term over which you have to repay the property. The most common mortgage periods are 25 years, however it is possible to get longer terms, or indeed shorter terms, depending on your financial stability and the cost of your property. Due to the increase in house prices it is now becoming more common for people to take mortgages over periods as much as 35 years. Bear in mind that this is a huge commitment and that you will pay much more interest than a shorter-term mortgage. You may also find yourself in negative-equity for a longer period of time especially on mortgages that exceed the true current value of the property. Negative-equity is the period of time that you owe more money on the mortgage than the property is actually worth.
