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Mortgages - Is It Worth Opting For A Longer Term?

Guest Sabre

By Guest Sabre
in The Swanny

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Guest Sabre

Guest Sabre

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Right, the wife and I are getting serious about buying our first home. Our plan is to buy a home for about £167k-170k which once refurbished will be worth £190k-£200k in a few years.

 

I was just wondering on whether it is worth taking out a 40 year term rather than a more traditional 25 year term to save money on repayments per month? What are the major potential risks? I know that the interest rate will be higher, but if we intend to sell up in a few years, as well as earning more money each year due to our careers progressing, is this is a good calculated risk?

Guest Scot

Guest Scot

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