Mortgage Term Explained
This is using the word term not as in terms and conditions, but as in period of time.
If you think about when you were at school, you had three different terms - and a term can refer to a length of time in the financial world in the same way that it does in that sense.
Many financial products use the word term, and most commonly loans - well a mortgage is just a long and more complicated loan in many ways.
So the term of the mortgage is the length of time, measured in years, that you take that mortgage out for.
Typically a standard repayment mortgage will be over a duration of 25 years, and so in the jargon that is a mortgage term of 25 years.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Fixed Rate Mortgages
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- Non marketed properties and HIPs
- Mortgages and Regulation
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- Equity Release FAQ
- What to do at auction
- Currency brokers and buying property overseas
- Why Buy in Cyprus
- Additional Borrowing on a Mortgage
- Overseas property mortgages
- Interest Only Mortgage
- House Price Index
- Legal Fees on a Mortgage
- Relocation Agents
