Minimum mortgage amount that I can borrow...yes I said MINIMUM!!

thenap80 · 2 February 2011 at 12:34AM

Hi
Approaching the end of my current mortgage fixed rate, I will be wanting to change obviously. I want to whack my savings into the mortgage and then will have to pay back I reckon about 25 - 30k. Am I able to take out a new mortgage of this amount or do the lenders only want to offer a minimum so they can reap the rewards by way of interest???

Thanks

Burridge60 · 2 February 2011 at 12:38AM

£25k normally

Consider an offset and you can get your savings back if you need them and they have the same affect against the mortgage as paying it off.

You never know whats round the corner

Lynsey · 2 February 2011 at 7:58AM

HSBC has/had a minimum of £10k. First Direct is the same I believe.
£25k+ will not be a problem. Less than £10k would normally be classed as a personal loan.

Lynsey

SandC · 2 February 2011 at 9:54AM

You should be fine with the amount - the problem I now encounter is the fees for new deals. Makes no sense to save a bit on interest while having to pay almost £1k for the privilege (mine's quite a bit less than £20k now). I'm currently on SVR and will wait and see what happens.

thenap80 · 2 February 2011 at 10:53PM

Yeah, I guess with a mortgage of 25k or less, it wont be worth the 1k admin fee just to save a couple of hundred in the interest dept. I hope to pay the 25k off within a year so will not want to be adding extra on top. I think the interest rate will be the SVR after the fixed rate ends and they stated 4.something. So thats less than the 5.72 I am currently paying on my fixed rate so i will be better off anyway!!

Thanks

Minimum mortgage amount that I can borrow...yes I said MINIMUM!!

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