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Finding a miniscule mortgage?
elsien
Posts: 37,399 Forumite
My fixed rate mortgage runs out in a few months time - a bit early to be looking, but out of interest I had a quick scoot around just to see what might be available.
And the answer appears to be nothing.
I have about £11K left to pay, so really not worth anything with fees. If things stay as they are am I going to have to go with the current lenders SVR and pray that interest rates don't do anything silly? (- I am on quite a tight budget.)
And the answer appears to be nothing.
I have about £11K left to pay, so really not worth anything with fees. If things stay as they are am I going to have to go with the current lenders SVR and pray that interest rates don't do anything silly? (- I am on quite a tight budget.)
All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.
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Ask your lender what deals they can offer you and weigh that up with staying on the SVR. Do you know what the present rate is? Use a mortgage calculator like this one http://www.moneymadeclear.org.uk/tools/mortgage_calculator.html to work out what your payments would revert to if rates stay the same, and how much they'd increase as rates increase.0
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I think there might be a minimum - the experts will tell you, if so, perhaps you could consider a cheap tracker with no limits on overpaying and then overpay immediately the extra needed to borrow above £11k??
Probably unnecessary and daft LOL!!!!0 -
Minimum loan for a mortgage is £25k, under that amount it's a personal loan which has different terms and conditions to a mortgage."Put the kettle on Turkish, lets have a nice cup of tea.....no sugars for me.....I'm sweet enough"0
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Not really worth remortgaging away either as you could have fees of £2-300 to move away. Given the size of the mortgage, even if rates go up 2%, you will still be looking at less than £20 pm extra.
As Beecher says, try them to see if they have any fee free options, DO NOT pay any fees, it will almost certainly not be worth it.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
casperlarue wrote: »Minimum loan for a mortgage is £25k, under that amount it's a personal loan which has different terms and conditions to a mortgage.
Not so, several lenders will lend under £25k (Halifax have a completely fee free 2 yr tracker @3.09%, Northern Rock fixed at 3.99%)I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
casperlarue wrote: »Minimum loan for a mortgage is £25k, under that amount it's a personal loan which has different terms and conditions to a mortgage.
FD say they lend from £10k
http://mortgages.firstdirect.com/mortgages-explained/repayment-mortgage0
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