Small mortgage

andysdad_2

I have been overpaying my current mortgage over the last few months, :j but have started to wonder about the next re-mortgage. Is there a minimum debt lenders like to work with? I don't want to overpay and then get a limited selection of deals.

Anybody encountered this problem?

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osian

When we remortgaged about 2 years ago, I noticed that a lot of lenders wanted a minimum debt of £25,000. Probably worth having a look around at some of the current deals to double check.

ernie_3

Hi , i remortgaged last august with the Yorkshire my then current lender and got a fixed rate for 5 years with £21,500 mortgage.I was an exsisting customer. Speak to your current lender they might do the same.." you dont ask you dont get".

Hope all goes well ..ernie {sunny plymouth}

poppyoscar_3

I took out a small mortgage in January - just £15000 - I wanted to be as close to MF as I could. I did have a problem - NatWest tried to make me gat a personal loan instead!!!!!

I wanted an offset but couldn't get below £25000.

In the end Halifax gave me a tracker with no overpayment limit, organised it all really quickly and it's great!

PO xx

EssexHebridean

Of course don't forget that the smaller your mortgage, the less of a big deal a variable rate becomes anyway. and of course once you get on that standard deal, the incentive to get it finished quickly becomes even more overwhelming!

getmore4less

As the loans get small the fees become the key decider and often best to look for a long term deal and settle down into just paying it off.

Best option I think are long term trackers or offsets if they make sense for you no fall back toteh SVR's.

If you make sure there are no penalties for overpayments the initial size of the loan is not that relevent, if it is more than you want you just pay off the excess.

dimbo61

consider offset if that is the best deal.
If they have a minmum lend say £50,000
then borrow that amount and pay the extra straight into the offset.
Consider how long you want the mortgage to last and what you can afford
and try to get a deal that will finish off your mortgage in the shortest time with the least amount of interest. GOOD LUCK