Mortgage length with big deposit.

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So I'm buying my first home at last, after inheriting a decent bit of money. Looking to buy a house around 180k, with a 120k deposit. I'm 50, so do I go for a 20/25 year mortgage, but try and pay it off sooner with any extra cash monthly, or go for a 10 year mortgage, to know it'll be finished well before retirement.

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This is an advice based question so is advisable to speak to an advisor.

Essentially ask yourself what your budget is and align the term of the mortgage to get a payment that fits your budget. I’d be reluctant to go past your intended retirement age as you don’t want your pension income to be eaten up by mortgage payments, 20/25 years might not be a suitable term.

I think going past retirement age will limit the lenders that are an option

It will be based on your affordability but also the lenders criteria.

Some lenders will only allow a mortgage up to your 70th birthday where some other lenders will consider a mortgage upto your 75th birthday should it be viable for you to work until this age.

My advice is you should speak to a mortgage broker who has access to several lenders so they can advise you of the best option based on your circumstances and requirements.

At 4.5% interest rate, borrowing 60k over 10 years will cost you 74.6k. Over 25 years it will cost you 100k.

Repayments for a 10 year term would be £622/mo, which sounds decently affordable for most.

depends on your other finances you probably need a finance sub.

things like, what proportion of your income does the mortgage repayment take up?

it is always cheaper to pay it off faster