When you borrow money for a mortgage, you will be taking that loan out for a long time. Some smaller mortgages may only last for ten years, but there are some which last for thirty. This is a long time to have a loan for and it also means that it will be expensive.
Each month that you borrow money for, will cost you. This means that the longer the term of the mortgage, the more expensive it will be in the long run. However, if you make the term too short, you will have to pay more each month.
It is important to get the right balance. You will need to be able to afford the repayments. You may be paying just the interest, but you will need to save up to pay off the lump sum that you borrowed. This will take time and although the faster you do it, the better, you need to allow yourself enough time to do that. If you have a repayment mortgage, then you will be whittling away some of the outstanding balance each month. You will need to make sure that the amount that you do pay is affordable for you.
Knowing how much you can afford does take a bit of future predictions. You may just want to consider what you earn now and whether you will manage the repayment. But consider that your salary is likely to go up over the years, but your costs may also increase if you choose to have a family. So consider the consequences of this. Most people are advised to make the payment as high as possible at the beginning because it will get easier to pay as the years go on. However, this may not always be the case and so you may need to think hard about what to do.
If you can go for a shorter term, then you will be able to pay less for the mortgage and get rid of the debt quicker. However, this means your monthly repayment amounts will be higher and you may struggle to meet the rest of your financial commitments if this is too high. You need to get a good compromise and decide what is a sensible term that you can afford but that will not need you to struggle every month to pay back.