Mortgage Term / Savings

[bellebb]

drawing down final stage of mortgage, wondering what's the best option in terms of lenght of the mortgage...
do you pay as much as you can and have a shorter term (eg 20 years)
or
do you pay what's very comfortable and have a long term (eg 35 years) and put the additional monies into savings?
i'm 33 years starting this mortgage

 

[PM1234]

Definitely the shorter the term the better but budget some room and flexibility for unforeseen future expenses. If your repayments aren't tight then go for the shortest term possible.

 

[Happy_Harry]

If you take out the longer term you will be paying more interest and hence you're buying a more expensive product.
On the other hand, you need to make sure you can afford your monthly payments, and remember interest may go up. If you can pay off your mortgage comfortably in 20 years, I see no reason why you'd want to pay it off in 35 years.