How long does a mortgage usually last for?

Mortgages can be taken out over any period of time - whatever suits you and your needs - but the most common term is about 25 years. Whilst there isn't really a minimum, you won't be able to take a mortgage for anything longer than 35 years.

If you would like to have the flexibility to pay lump sums off your mortgage (say when you get a bonus from work) and less at other times (e.g. over the Christmas period) then you should consider a flexible mortgage. Flexible mortgages do not charge penalties for overpaying and underpaying within prescribed parameters.