MT Week - Should you get an extra long mortgage?
Believe it or not, you can in theory get a mortgage that lasts for just a couple of months as some lenders don’t have minimum mortgage length requirements.
Of course, few people would want to get a mortgage so short.
For one, it’s expensive. A shorter mortgage generally entails higher monthly costs, not forgetting the one-off fee that some lenders charge.
And then of course you have to ask yourself why you would ever need a mortgage so short when you could get a bridging loan that might actually work out cheaper.
On the flip side, the longest mortgage you can get right now is a 40-year one - although Boris Johnson did float the idea of multi-generational mortgages that last even longer.
These extra long mortgages can make monthly payments much, much more affordable, but they might end up costing you more in the long run. Here’s what you need to know.
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