Only need £30,000 mortgage - who will do it cheapest?
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Saeed
Posts: 733 Forumite
I have seen a house for £60,000 and have £30,000 in the bank. I am wanting to take out a mortgage for the remaining £30,000 but am finding it a bit difficult to find lenders :-
a) HSBC - would not lend - amount not big enough and need 2 applicants
b) ING direct - would not lend as amount has to be over £50,000
c) Halifax - have offered 3.7% on 2 years fixed for £30,000
Is there anyone else I could try to beat the Halifax rate. I am very surprised that lenders do not want to lend me money even though I have a good credit history and am willing to put up 50% of the value of the house.
a) HSBC - would not lend - amount not big enough and need 2 applicants
b) ING direct - would not lend as amount has to be over £50,000
c) Halifax - have offered 3.7% on 2 years fixed for £30,000
Is there anyone else I could try to beat the Halifax rate. I am very surprised that lenders do not want to lend me money even though I have a good credit history and am willing to put up 50% of the value of the house.
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Comments
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There are lots, at that level you want to minimise arrangement fees.
Abbey for example have 2 yr tkr @ 2.87% and 2 yr fix at 3.55% both with 1/2% (£150) app fee, free basic valuation and £250 cash back.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£60,000 could be below minimum valuation for lenders.
Impossible to say who would do it as your circumstances are not known.
Speak to a broker to see how to proceedI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Try First Direct. their minimum is £10k
http://mortgages.firstdirect.com/mortgages-explained/repayment-mortgage
base + 1.99% tracker
Is there any income issue?0 -
I work part time, 16 hours per week, and earn £12k (earn 7k, and get 5k tax credits).0
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