Usually it is around 25 to 30 years, but shorter or longer terms are available depending on the lender and your personal circumstances. Shorter terms mean higher monthly payments and less overall interest. Longer terms mean lower monthly payments but more overall interest.
They can be either. Fixed-rate mortgages have the same interest rates over an agreed period, usually 2-5 years. Variable-rate mortgages, however, fluctuate depending on the market. This means your monthly payments could go up or down and are less stable. The right choice depends on your risk tolerance and need for stability.
An Agreement in Principle gives you a clearer idea of how much lenders are willing to give you, letting you focus on homes within your budget. It also shows sellers and agents that you’re serious and speeds up the buying process since some sellers prefer buyers with AIPs already in place.
No! Most people apply for mortgages before even finding the property they wish to buy. Many lenders can even offer an Agreement in Principle (AIP) – a statement from a lender indicating how much they might be willing to lend you – even if you haven’t picked out a property yet. This gives you a head start when you’re ready to start searching.
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