Obtaining the last amount

bugbabe1970

OMG! Well done on such a wonderful job on saving for your house.
Thats amazing!

Thrugelmir

Running_Horse wrote: »

If people only ever bought what they could afford without a mortgage, then the housing market really would collapse. Sounds like the OP is ultra prudent saving up all but £15,000 of the price of a house. £15,000 can make a big difference in quality of house, and the OP has shown they can afford it. They should be congratulated.

Its human nature to want the next one up the ladder, rather than buy sensibly with a longer term plan.

joolley

I should start by saying congratulations on saving enough to buy your home almost outright! That's not something often done nowadays and you've done brilliantly. The folk who are telling you to buy what you can afford clearly have not read your post.

Now the last £15K! I think most mortgages have a minimum loan of £25K or something. A chat with the bank in the first instance may be helpful, but I suspect that they will push you towards a personal loan. To be honest, £15k over 7 yrs or 5 yrs may be the way forward. Rate will not be as attractive though.

All the best
joolley

PS: Bl**dy well done!

Milliewilly

DVardysShadow wrote: »

There may be a problem borrowing as little as £15000 - many lenders have a much higher minimum. A lot depends on how quickly you can pay it off - it may be worth taking a flexible mortgage for the lender's minimum on interest only with the ability to pay off in part or in full as and when you choose. The interest rate will be uncompetitive in headline terms, but it will most likely work out cheapest if you can use the flexibility not to borrow money you don't need.

Above is the best way to do it or try to find something you can buy outright, as a cash buyer you are in the driving seat.

getmore4less

J45 wrote: »

Well ive never had a credit card in my life or any kind of loan so i guess the 0% credit cards are out of the question?

What sort of interest rate would i be looking at for a mortgage of 15k?

Im looking to repay it back within 3 years, likely to be 2 years.

Few lenders have mortgages that small.

Asuming income and LTV stack up and a two-three year payment plan the First Direct no fee offset might be the cheapest option.

http://www2.firstdirect.com/1/2/mortgages/our-latest-mortgage-offers

Just noticed they also have deals from £10k+.

Milliewilly

J45 wrote: »

Well ive never had a credit card in my life or any kind of loan so i guess the 0% credit cards are out of the question?

What sort of interest rate would i be looking at for a mortgage of 15k?

Im looking to repay it back within 3 years, likely to be 2 years.

You may be a victim of your own success here as you will suffer from whats called a 'lack of credit' and will be refused by a lot of lenders.

Can someone explain how you could use a credit card to buy a house at 0% and if there are any credit cards out there with 0% for cash withdrawals and then interest free periods please point me in their direction.

zzzLazyDaisy

Check what the overpayment limits are.

It may be possible to borrow the minimum (say £25k) and then repay the balance after the deal has gone through. That's what my sister was advised to do some years ago in similar circumstances.

Or get an offset mortgage, and leave the balance in the account, effectively bringing the amount that you actually pay interest on down to the amount you actually want to borrow. But again, check the overpayment/ early redemption arrangements.

poppysarah

Offer £15k less.

Got to be worth a try. Look on rightmove using firefox and property bee.