mortgage for £20K

Samblackdog_2

Can anyone help? Have looked through Martin's web page and now I am even more confused!! I need a mortagage for only £20,000, and really don't know the cheapest and best way to get this. A financial advisor wants to charge me up to £200 to do it for me! Any advice would be greatly appreciated.
Sammie

Ian_W

Try nationwide HERE.
Their charges tend to be at the lower end of the scale if you want fixed or tracker and, unlike some lenders, I believe they will do smaller mortgages.

The adviser probably won't get too much of an intro fee for a smaller mortgage hence the charge. But if you go direct you'll only pay fees to the lender and, provided you're not self-employer, had credit problems etc it should be fairly simple to do it yourself.

BoL.

herbiesjp

Whilst Nationwide may be 1 option, you will have to look at other scenarios, as due to the relatively low mortgage amount, fees will impact heavily on what for you is a good deal.

omega27

Can you get a mortgage for as low as £20k? Wouldn't it then be covered by the Consumer Credit Act?

VelvetGlove

rjlawson wrote:

Can you get a mortgage for as low as £20k? Wouldn't it then be covered by the Consumer Credit Act?

To the best of my knowledge, the CCA wouldn't apply here as it would be a Regulated mortgage under the FSA. (Money lent to an individual/trustee secured with a first legal charge over a UK property, where over 40% will be used as or in connection with the dwelling for the individual or their close family). Yeps I've just done my CeMAP exams