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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, it is your responsibility
to ensure that you have arrangements
in place to ensure you can 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).
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. |
