35 or 40 year term?

[househunterin]

First time buyers. Mid 20s.

40 year term makes it £50 cheaper each month than 35 year term.

Which would you opt for? We can always remortgage later down the line when rates have stabilised, just looking to pay as little as possible at the moment.

I've just remortgaged and extended my term to the maximum but doing that will allow us to overpay, which over the life of the mortgage means we will pay much less in interest. We have the option to shorten the term in the future again. There are mortgage calculators online that will tell you how much you can save over the life of the mortgage by overpaying. If you don't want to, or can't overpay, then take the shorter term.