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Lenght of a mortgage. Standards?

  • 29-05-2009 11:36am
    #1
    Himselfe
    Registered Users, Registered Users 2 Posts: 140 ✭✭


    Does anyone know what would be the norm, internationally (and historically here in Ireland) for the lenght of a mortgage?

    I know that during the housing boom/bubble it became the norm for 25, 30 or 35 year mortgages (40 years??) to be handed out willy nilly to anyone and everyone with a pulse here in Ireland. These term lengths seem very long to me.

    Is there a standard or an average elsewhere?


Comments

  • #2
    JuliusCaesar
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭JuliusCaesar


    Used to be 25 yrs max.........in the old days when it was also 3 X main salary + 0.5 X second salary.


  • #3
    Senna
    Registered Users, Registered Users 2 Posts: 8,800 ✭✭✭Senna


    I would say 20-25 during normal market conditions, with more paying it off early, rather than extending it.

    Read somewhere during the bubble that the average mortgage term was 7 years, due to so many people remortgaging, top-up, trading up/over, flipping etc


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