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Minimum mortgage amount that I can borrow...yes I said MINIMUM!!
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Old 01-02-2011, 11:34 PM
MoneySaving Convert
Join Date: Feb 2008
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Default Minimum mortgage amount that I can borrow...yes I said MINIMUM!!

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???

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# 2
Old 01-02-2011, 11:38 PM
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Join Date: Jan 2011
Location: Chelmsford Essex
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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.

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Old 02-02-2011, 6:58 AM
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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.

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Old 02-02-2011, 8:54 AM
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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.
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# 5
Old 02-02-2011, 9:53 PM
MoneySaving Convert
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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!!

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