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Only need 30,000 mortgage - who will do it cheapest?
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# 1
Saeed
Old 23-02-2011, 7:15 PM
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Join Date: May 2005
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Default Only need 30,000 mortgage - who will do it cheapest?

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.
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# 2
Wh05apk
Old 23-02-2011, 7:24 PM
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Join Date: May 2010
Location: Essex
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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.
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# 3
GMS
Old 23-02-2011, 7:25 PM
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Location: Merseyside
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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.
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# 4
getmore4less
Old 23-02-2011, 7:30 PM
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Posts: 18,676
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Try First Direct. their minimum is 10k

http://mortgages.firstdirect.com/mor...yment-mortgage

base + 1.99% tracker


Is there any income issue?
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# 5
Saeed
Old 23-02-2011, 7:34 PM
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I work part time, 16 hours per week, and earn 12k (earn 7k, and get 5k tax credits).
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