What is the longest term i can get a mortgage over? Is there such thing as a 50 year mortgage?

Answer 1

The longest term available is a 50-year mortgage. However, these are typically balloon loans, with the remaining balance being due in 30-years.

These are great loans for folks who want the lowest payment possible, however you will pay the more interest than a typical 30-year loan.

There are 40 year loans as well, also with a 30-year balloon.

Answer 2

If you can buy now it is the best time. House prices are going down everywhere so you would be in a strong position to make an offer on the house of your choice within your price band. On a mortgage of £40k the interest payments would be less than the amount you are paying in rent. The other difference is that the rent is running into some other persons pocket. The money you are paying for a house is going to make your life better straight away and in the long term you will be pleased that you made the step. My first mortgage was high compared to my earnings at the time. As my earnings increased I increased the payments. When interest rates went down I kept the payments the same. My 25 year mortgage was all paid up in 13 years so I am mortgage free with a house worth a lot of money. Do it before Christmas as this is the time when houses do not sell. In the Spring the market will perk up and maybe prices will rise a little.

Answer 3

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There is no guaranteed answer for your question as buying a property is a gamble but over the long term it is generally more profitable to buy now. House prices are not as high as they were due to the recent recession and it is a buyer's market so you can make offers and hopefully get a good deal. The money you are spending on rent at the moment just goes into someone else's pocket so is in effect being thrown away. In addition to that with such low interest rates the money you are saving is earning very little interest. If you took a repayment mortgage for £40,000 over 20 years your monthly repayments based on an interest rate of 5% would be £265 approximately. At the end of 5 years, if the rate stayed at 5% you would have made payments of approx £9,500 in interest and taken approx. £6,500 off the mortgage. The monthly payments would be less than your rent currently and if you can afford to pay more you could reduce the term further or have a flexible mortgage so that you can overpay. Alternatively you could use an offset product where any savings you accrue is offset against the balance of your mortgage to reduce the amount of interest you pay meaning that you are repaying the mortgage quicker as more of your money is used to clear the debt rather than just interest. With mortgage rates being higher than saving interest rates this is an ideal way of using your savings to reduce your debt whilst still allowing you access should you need them. The gamble is that nobody can predict with certainty what the property market will do and whether your house will go up or down in value. However, property prices would have to drop a long way for you to be in negative equity with a 50% deposit. Also, negative equity really doesn't matter unless you move. If prices drop and your circumstances allow the best thing to do is to stay put and wait for the turn around as inflation means in the long run prices are likely to go up again.

Answer 4

Longest Mortgage Term

Answer 5

Yes there is a 50 year loan product. This does not mean that you have to pay your home off in 50 years this is how the loan is amortized so the payments will be lower and more people qualify for a mortgage to purchase a home.

If you want to pay your mortgage off early simply add an extra amount to you monthly payment. This will reduce the mortgage by paying toward the principal.

Justin was right about this loan being a balloon payment at the end of 30 years because that it the call date. I have seen trends in different parts of the country.

In the southern part of the United States there has been a trend to want t pay off a home and own it free and clear.

In the western part of the United States, especially California there is not that urgency to have a free and clear home. Californian's seem to refinance about every 4-5 years.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 6

Yes probably but think about this. If you were to take out a 25 year mortgage the last 5 years ar more or less just a con as the difference in amount between 20 and 25 year repayments may only vary in a couple of pounds maximum.
We were given that tip by a Halifax manager some 30 years ago and even the other year the difference in the 2 to my daughters mortgage of £40,000 was less than £2 per week.. That meant a whopping extra over £10,000 to be payed back...

Answer 7

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RE What is the longest term i can get a mortgage over? Is there such thing as a 50 year mortgage?

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Answer 8

I'm in the uk, and a couple of years ago I took out a 35 year morgage. I think thats the maximum in England. Not sure where abouts in the world you are though.

SInce taking out my mortgage I have reduced the length of time it is over. I think I have just 29 or 30 years left now.

Answer 9

Yes. Your payments will be lower but you'll pay more interest over the 50 years. Mortgage Consultant. Email if you need help getting started.

Answer 10

Per above, there is a 50 year mortgage.
But, if you are going out to 50 years, why not just go with an interest only loan. With a 50 year ammortization, only ~4% of your payment is going to principle anyway.

Some institutions really increase their interest rate for interest only loans. E-mail me and I can put you in touch with an agent that can get a good interest rate on interest only loans. (please include "mortgage info" in the subject for filtering reasons.)