How long to get mortgage term over?

[Springmachine]

We are remortgaging as our 2 year deal has come to an end.

We live in south east in an expensive area and we're expecting a baby at the same time so maxes out the length of mortgage to help with monthly budgeting knowing we could reduce this if needed once I am back to work (if I went back)

I haven't returned full time but I still earn enough that we can reduce the term a bit.

We have just turned 30 and our current term is 38 years.

I can reduce it to 30 years and that puts the mortgage up per month £200.

It seems like a sensible option but we also are thinking of TTC again end of the year.

How long would you take yours out over?

First house we got maximum term but on our second house we shaved off 7 years and on the third house 7 years again.
First house was when the kids were babies so income was lowest (maternity leave)

One thing to consider is that a longer term gives you more flexibility because (providing your lender allows overpayments without penalty) you can always overpay which will mean that you pay off your mortgage early (so effectively end up with the shorter term). But as overpayments are optional you can stop them as you wish if finances get tight.

Could you not do somewhere in the middle - say 33-34 years and then try and put a bit extra in savings if you can?

Whenever you come to renew your mortgage again, you could then part repay it by what you’ve saved. Interest rates are so cheap and it’ll be offset a bit by the interest on savings. It’ll also mean you have a bit of extra money if you need it.