mortgage v's loan

jennyo

Is there a minimum amount of money that you can borrow on a mortgage, i am looking to buy a property in 2011, will have approx 100k (savings + inheretance), so will only want to borrow a small amount approx 20k, which hopefully I would want to pay back over a couple of years.

mossymoss

Some places set a minimum of £5000 but you should be fine with that. Plus you cant get a personal loan in order to purchase a house. Good luck

Dan_1976

25k is normally the minimum, I think some have higher. If you are remortgaging and not changing the amount you can borrow less.

You can use unsecured borrowing but it is more expensive. The way around it is borrow 25k and then make sure you can pay 5k off.

jennyo

Thank you both for your replies, just trying to consider all options.

getmore4less

Are you going to move in the next xx years to a bigger(more money) place

You could look at a portable offset mortgage for as much as you can get now.

Make it easier to move later and offset the savings to keep the interest costs down.