Mortgage under 25,000

flutel1

Hi
My discount period with my Building Soc has just ended. I owe just under £25,000 and have 11 years to pay. My B.S. tells me there are no remortgage offers for this amount. I would prefer to pay it all off but only have about £7,000 spare. Any ideas what I should do - or if this is true?

co123456

Similar position to me (in June this year). Because of my small debt, I don't think anyone will want to offer a mortgage at a rate I would find acceptable.
Have you considered stoozing? Works for me at the moment.

flutel1

Is this taking out £ on a credit card? I have been considering this. I have a small (£1,500) on a card at the mo which I plan to pay off after the free period. Is the idea - keep the mortgage, pay off £7,000, borrow a chunk on a card and pay that in whilst paying min payments on the card in the interest free period and then getting another card?

Welshlassie

Have you considered getting a mortgage for more than you need, but will accept lump sum overpayments and just paying off the lump sum after the remortgage completes?

StuartGMC

Offset may work - typically £30k, but you just pay back in the £5k not needed, you can offset the £7k then rapidly pay down the rest remaining?

Do include current a/c as it wil be a valuable % of mortgage owing too; use credit card for everything then pay off in full at end of month etc

Floxxie

Take a look at the credit card board for stoozing and the mortgage board for ideas from mortgage advisers on a suggested way forward.

andy-1_3

Maybe you can try this site zero-mortgage.info. that site provides information about mortgage services maybe you can find the right one. take a look. :beer:

Antispam

andy-1 :spam:mer all there web sites posted are owned by same person, signature reported too

inkie

We're going to have the same problem in May when our fixed rate ends (fixed at 4.99%) In May we will owe about £18K. I rang up the ybs and said that we would then go on to svr which is 4.99%. Altough on the same rate, we will actually be better off as we will be able to make unlimited overpayments (restricted to 10% overparments at the moment)