Hi everyone,
My partner and I are both 29 and first time buyers. We've been saving for a long time so have a good deposit, but buying in London (zone 3-4).
My partner is certain that we should apply for a 35 year mortgage (he says because we can remortgage after a few years anyway onto a shorter term??)...but I'm not convinced. I know we'll pay more interest this way. It can't be as simple as remortgaging onto a better deal after a few years, can it? (So sorry if this is not how it works, I'm very new to this, but learning!)
As a FTB I am pretty naive but trying to learn as much as I can and educate myself, but could anyone shed any light on this? All opinions welcome please! Is this a 'normal' mortgage term, or not? Thanks so much!