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  • FIRST POST
    • M1JWR
    • By M1JWR 20th May 17, 1:52 AM
    • 14Posts
    • 0Thanks
    M1JWR
    House move
    • #1
    • 20th May 17, 1:52 AM
    House move 20th May 17 at 1:52 AM
    As i am coming up to a house move and looking in a certain price range to get the best i can,
    ie up to 200k, i should have around about 85% of that in my pocket.
    I may want to make some changes, as we all do to make the house from somebody elses taste
    to our taste, ie change a bathroom suite, or fit a "used" aga for example.
    a small mortgage or similar may be required.
    whats the smallest you can go, ie 20k, as i assume thats better than a home improvement loan.
    regards to all
Page 1
    • ACG
    • By ACG 20th May 17, 2:10 AM
    • 15,788 Posts
    • 8,088 Thanks
    ACG
    • #2
    • 20th May 17, 2:10 AM
    • #2
    • 20th May 17, 2:10 AM
    The smallest I have done is £15k.
    It is lender specific, I am not sure what the actual lowest is or if there is a minimum. However, if you are taking out a Mortgage at time of purchase you may have to pay legal and valuation fees which on a small loan may make it cheaper to take out a bank loan even if the rate is higher.

    Fees are more important on smaller loans/mortgages than the rate.
    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.
    • getmore4less
    • By getmore4less 20th May 17, 8:31 AM
    • 30,309 Posts
    • 18,124 Thanks
    getmore4less
    • #3
    • 20th May 17, 8:31 AM
    • #3
    • 20th May 17, 8:31 AM
    up to 200k, i should have around about 85% of that in my pocket.

    That means you need £30k.
    • M1JWR
    • By M1JWR 20th May 17, 12:46 PM
    • 14 Posts
    • 0 Thanks
    M1JWR
    • #4
    • 20th May 17, 12:46 PM
    • #4
    • 20th May 17, 12:46 PM
    Thats the price area before haggling/offers etc
    might end up buying for 180k if thats the case would have 170k
    10k for difference in price and 10k to make it the way we want.
    that kind of thing
    M1JWR
    • getmore4less
    • By getmore4less 20th May 17, 6:32 PM
    • 30,309 Posts
    • 18,124 Thanks
    getmore4less
    • #5
    • 20th May 17, 6:32 PM
    • #5
    • 20th May 17, 6:32 PM
    look at offsets they will give the flexibility you need

    as above fees will be the main price differential on any deal.

    how much free cashflow do you have to fund the debts?
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