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  • FIRST POST
    • Saeed
    • By Saeed 23rd Feb 11, 7:15 PM
    • 654Posts
    • 118Thanks
    Saeed
    Only need 30,000 mortgage - who will do it cheapest?
    • #1
    • 23rd Feb 11, 7:15 PM
    Only need 30,000 mortgage - who will do it cheapest? 23rd Feb 11 at 7:15 PM
    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.
Page 1
    • Wh05apk
    • By Wh05apk 23rd Feb 11, 7:24 PM
    • 2,910 Posts
    • 1,319 Thanks
    Wh05apk
    • #2
    • 23rd Feb 11, 7:24 PM
    • #2
    • 23rd Feb 11, 7:24 PM
    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.
    • GMS
    • By GMS 23rd Feb 11, 7:25 PM
    • 5,350 Posts
    • 2,783 Thanks
    GMS
    • #3
    • 23rd Feb 11, 7:25 PM
    • #3
    • 23rd Feb 11, 7:25 PM
    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 proceed
    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 23rd Feb 11, 7:30 PM
    • 24,444 Posts
    • 14,744 Thanks
    getmore4less
    • #4
    • 23rd Feb 11, 7:30 PM
    • #4
    • 23rd Feb 11, 7:30 PM
    Try First Direct. their minimum is 10k

    http://mortgages.firstdirect.com/mortgages-explained/repayment-mortgage

    base + 1.99% tracker


    Is there any income issue?
    • Saeed
    • By Saeed 23rd Feb 11, 7:34 PM
    • 654 Posts
    • 118 Thanks
    Saeed
    • #5
    • 23rd Feb 11, 7:34 PM
    • #5
    • 23rd Feb 11, 7:34 PM
    I work part time, 16 hours per week, and earn 12k (earn 7k, and get 5k tax credits).
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