Buying a house with a personal loan??

Nikel

Downtown cairo?

lea123e

It is Stoke yes!

CloudCuckooLand

Some Mortgage Lenders do under £25k...keep researching...

furbix

This is quite amusing for me or maybe not so because so much of what I earn goes towards paying inflated property costs and I'm renting. My income is 30k net and flats (not houses) start at around 160k round here. To get a terraced house I'd need to pay over 250k. I just want to say thank you to the liebour party for inflating property so much that I will never be able to own a whole property in my life. I will vote for any political party that will bring in a land value tax immediately to stop this pathetic useless property obsession, a property should be to live in not to provide unproductive profit.

climbgirl

Clark80 wrote: »

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

Wouldn't you just be a cash buyer if you paid with a personal loan though?

Leaving aside the fact that a bank is unlikely to lend £25k to someone on a £15k salary, a personal loan would just be paid into a bank account rather than to the vendor's solicitors.

carefullycautious

You are one of the lucky ones who is able to pay outright to put a roof over your head, which in this climate is priceless. So to everyone who is mocking the op due to the area he lives in think on.

There are terrible problems in this country re housing which is getting worse by the day.

olias

I thought the OP was talking about getting a £25000 personal loan - he is not able to pay for a home outright? At an average rate of 11% over 7 years (which is about the longest he would get an unsecured loan for - not that he will get one on his salary...but) will cost him about £425 per month. A 7 year £25000 mortgage (first 5 years fixed at 5.5% would cost him just £360 per month.

Bottom line - He would almost certainly get a mortgage but is unlikely to get a loan. Mortgage would be substantially cheaper over the same term. No brainer really.

Olias

carefullycautious

Whoops that will teach me to skim read. Thought he just wanted the loan to top up his savings.

chambta

Why not get an Offset mortgage? Even if the minimum amount is more than what you need you won't pay interest on what you don't need and many are fully flexible so lump sums can be made immediately.

zzzLazyDaisy

chambta wrote: »

Why not get an Offset mortgage? Even if the minimum amount is more than what you need you won't pay interest on what you don't need and many are fully flexible so lump sums can be made immediately.

That is exactly what I did some years ago when I bought a small flat. I just left the balance in the account to offset the interest on that part of the loan until I could pay the lump sum back to the mortgage. You have to be disciplined not to spend it though.

To those who have commented on the price - my son lives in a little victorian mid terrace in SoT and average prices where he is are around £60k for nothing very special. So I think OP is looking at the less desirable areas and/or something fairly run down. Good luck to him, but there are many on these forums that wouldn't go anywhere near this type of property, you simply cannot compare a £250k house elsewhere in the country with the sort of house/area that OP is looking at.....