10k mortgage

pbouk

hello

i am planning on buying my first house late this year/early next year and i have a good deposit, i only need to borrow about 10k. i just wanted to know if lenders are lending small amouts for good rates at the moment or should i just lend it on credit cards with 0% for x months, as i know i can save up pretty fast to pay it off.
i have an excellent credit rating, and never been in debt.curious to know your thoughts.:)

dimbo61

Yes most lender do have a minmum amount you can borrow but if you have a large deposit you could look at offset mortgages and First Direct have some good deals and low fees.
You borrow £30K and then put £20K into the offset account so you have a debt of £10K which you are paying interest on.
Or save for a little while longer and buy with Cash!!!

ali-t

the first house I bought I only needed to borrow £17K and many lenders wouldn't lend me this amount. If you can pay it off quickly could you not get a loan?

FlowerPower

Wow, what a great position to be in! :T
Seems like loads of good suggestions -save a bit longer and buy outright, get an offset mortgage, or using 0% cc's if you can pay it off before the 0% runs out.
Sounds like the world's your oyster!

D2007

Might be best to look for an unsecured loan, as don't forget most mortgages have arrangement fees of £500 to £1500, along with valuation fees, exit fee etc.

arby

how about save a bit more and angle for a small discount. If you can show the seller you have the cash in your account ready to be transferred the second they say 'yes' it's hard for someone to say no!

Fang_3

You could lend more on a mortgage with unlimited overpayments allowed and then immediately pay back the extra?

slummymummyof3

Some lenders have a minimum of £25,000 that they are prepared to lend.

getmore4less

First direct do £10k fixed or variable(good rates ad fees)

http://www2.firstdirect.com/1/2/mortgages/repayment-mortgage-rates/fixed-rates
http://www2.firstdirect.com/1/2/mortgages/repayment-mortgage-rates/variable-rates

£30k for the offsets which is no problem(explaind allready)

pbouk

FlowerPower wrote: »

Wow, what a great position to be in! :T
Seems like loads of good suggestions -save a bit longer and buy outright, get an offset mortgage, or using 0% cc's if you can pay it off before the 0% runs out.
Sounds like the world's your oyster!

yes its a nice position. dont get me wrong i am not going to be buying a big house, just a small terraced house, but at this point in my life that is fine for me.

jockosjungle

Can't you haggle £10k off the price? It might work if you tell them you are a cash buyer but otherwise will need to look for a mortgage

R