Question 1

What is the standard mortgage term in the UK?

Accepted Answer

The most common mortgage term in the UK is 25 years, though terms of 30 or even 35 years are becoming more popular, especially for first-time buyers looking to reduce monthly payments. Shorter terms like 15 or 20 years result in higher monthly payments but significantly less total interest paid.

Question 2

What is the difference between Repayment and Interest Only mortgages?

Accepted Answer

A Repayment mortgage (also called Capital and Interest) pays off both the loan balance and interest each month, so the mortgage is fully repaid at the end of the term. An Interest Only mortgage only covers the interest — you still owe the full loan amount at the end and need a repayment strategy (e.g., savings, investments, or property sale).

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