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  • FIRST POST
    • thenap80
    • By thenap80 1st Feb 11, 11:34 PM
    • 303Posts
    • 11Thanks
    thenap80
    Minimum mortgage amount that I can borrow...yes I said MINIMUM!!
    • #1
    • 1st Feb 11, 11:34 PM
    Minimum mortgage amount that I can borrow...yes I said MINIMUM!! 1st Feb 11 at 11:34 PM
    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
Page 1
  • Burridge60
    • #2
    • 1st Feb 11, 11:38 PM
    • #2
    • 1st Feb 11, 11:38 PM
    £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
    I am a Mortgage Advisor
    You should note that this site doesn't check my status as a Mortgage Advisor, 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.
    • Lynsey
    • By Lynsey 2nd Feb 11, 6:58 AM
    • 9,259 Posts
    • 31,968 Thanks
    Lynsey
    • #3
    • 2nd Feb 11, 6:58 AM
    • #3
    • 2nd Feb 11, 6:58 AM
    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
    **** Sealed Pot Challenge - Member #96 ****
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    • SandC
    • By SandC 2nd Feb 11, 8:54 AM
    • 3,771 Posts
    • 5,575 Thanks
    SandC
    • #4
    • 2nd Feb 11, 8:54 AM
    • #4
    • 2nd Feb 11, 8:54 AM
    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
    • By thenap80 2nd Feb 11, 9:53 PM
    • 303 Posts
    • 11 Thanks
    thenap80
    • #5
    • 2nd Feb 11, 9:53 PM
    • #5
    • 2nd Feb 11, 9:53 PM
    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
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