Buying a house with a personal loan??

lea123e

Good afternoon all

Just wondered if anyone knows wether or not it is possible to purchase a property with a personal loan.

The problem I'm having is that the properties I am looking to buy are quite low value and most lenders have a minimum amount which they will lend and quite a lot of the properties I am looking at fall below this amount(Between 25 and 35K)

I will have around 5K towards the purchase.

Any advice greatly appreciated

westlondonbuyer

Good God, I want to know where you're buying.

Jowo_2

What is your income?

little_miss_muppet_face

Im sure the maximum you can borrow on an unsecured loan basis is £25k... Im sure someone will correct me if im wrong..

Clark80

I don't think this is allowed... Have you tried a mortgage broker?

lea123e

Such prompt replies, thanks!

I'm buying in the Staffordshire area. Income is a very modest 15.5k.

I havent actually seen a mortgage broker just yet, thought i would ask on here first, but from what I can gather from my bit of research most lenders have a minimum lend amount. Broker is on the to do list though!

So 25k maximum? That would give me around 30K, which is do-able...hmmm

Jowo_2

Is this some kind of shared ownership thing? Or ex local authority housing?

olias

When I last moved house, all I needed was about £15000 on top of the equity from my last house to fund my current one. I got a personal loan. Not the same as your situation, but similar.

What I would say though, is the interest rates are obviously higher, so, (making figures up here) a £40000 mortgage can probably be had for the same monthly payments as a £20000 persoanl loan. It depends what you are after. Is this for your home? An investment? A buy to let?

There is no way you would get a £25000 persoanal loan with an income of just £15500

Olias

lea123e

Thanks guys,

No, they are just private terraced houses, there are a fair amount in this price range locally, granted they need improvements but thats what I'm looking for. It is for my own home.

I reckon I will be having a long chat with a good mortgage broker!

Incyder

......I guess Stoke-On-Trent ?

ILW

Blimey I am tempted to move to Lincolnshire, buy a whole terrace and knock them into one great big house. Would cost less than a 1 bed flat round here.