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When a mortgage is used as security for a loan on the purchase of a
residential property, most people will see the need for the loan to be
repaid over a particular period of time. Traditionally, mortgages where
taken out over a 25 year term, although this can vary based upon
circumstances. First time buyers, struggling to get a foot on the
housing ladder, may require a longer term to help with affordability
and house movers, closer to retirement, may require a shorter term that
will coincide with their planned retirement.
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