Required :- company that offers small mortgages for £27,500

just_wondering_4

Required :- company that offers small mortgages for £27,500 .


Help , i'm looking at buying a flat as a investment , but the problem is , the flat is only 34,999 , i have 7500 deposit , so i need to borrow 27500, but i dont seem to be able to find a company that will lend online , does anyone know of a company that specializes in small mortgages .

i do have my own property and have considered re-mortageing my current property , but for some reason i dont fancy doing that....

Anyone help me ?

Mrs_Bumble

What are you going to do with the flat? Second home or ...

just_wondering_4

hi , sorry its a buy to let.

Mrs_Bumble

Think your best bet is going to be to raise the money on your existing property. I can't think of anyone off the top of my head that has a minimum loan value to fit that, plus if you go for a buy to let mortgage then minimum loan to value is going to be anywhere between 65-75% LTV and so you would need a bigger deposit. So I think you will struggle on both fronts the rate on the residential would be much better as well?

just_wondering_4

Hi Mrs Bumbles , i do have a larger deposit if required , it seems maddness in todays market , that small mortgages cant be easily obtainned that puts some sellers in a very bad position....

just_wondering_4

if i did decide to take a loan against my house , which i own outright and valued at around 120,000 in the past 3 months , where and who might be the best company for me to try , i'm a company director with 6 years books i dont earn a fortune , before tax around 18k

i dont really want to be paying high fees to remortgage , what type of fees would i expect to pay ball park .

TIA

Mrs_Bumble

You could try Cheltenham & Gloucester they might even do it on buy to let basis but the interest rates will be higher and not sure of the restrictions as you would be first time landlord, so maybe just less hassle for you on your existing property. Fees anywhere between £99 and £999 probably, not sure what they have available at the minute. If you do it as a remortgage on your existing then check if it qualifies for free valuation can't remember but will only qualify for low cost legals around £200.