LENGTH OR TERM OF THE LOAN

You can choose to repay your mortgage over a period of between 5 and 25 years*. The longer the term, the smaller your monthly payments - but the greater the total amount payable overall. If your mortgage term extends beyond your retirement, you will need to ensure that you have arrangements in place to continue to make your monthly payments. Your mortgage should normally be repaid by the time you are 70 (not applicable if you have an inter-generational mortgage).

EARLY SURRENDER

We would point out that early repayment of a mortgage or surrender of an investment may have adverse financial consequences, if you are in doubt please speak to an independent financial adviser.

* If you apply for the inter-generational mortgage you can have a term of up to 40 years - subject to a review every five years.