Getting a 12k mortage?

wemon

look for some general advice - on where to find a company specialising in mortgages for studio flats and size of the mortgage itself.Especially for a first time buyer,

*** its a studio flat am interested in buying...

hcb42

why £12K?

what kind of flats?

joedenise

I don't think you can get a mortgage for £12K now, the minimum if £25K unless you are adding to an existing mortgage.

If you only need £12K you'll probably need to get a personal loan.

Denise

getmore4less

joedenise wrote: »

I don't think you can get a mortgage for £12K now, the minimum if £25K unless you are adding to an existing mortgage.

If you only need £12K you'll probably need to get a personal loan.

Denise

First direct do £10k.

http://mortgages.firstdirect.com/mortgages-explained/repayment-mortgage

holly_hobby

The 25k sum is to do with the consumer credit act.

If your purchase price is higher than 25k, but you only want to borrow 12k there is a alternate route - but I am assuming that your pch price is the actual 12k mentioned in your thread -whereby you're a bit snookered other than FD or the personal loan route.

Hope this helps

Holly

Peelerfart

Or go down the offset route and dump the money you dont need in the savings part of the account

holly_hobby

That what my angle was ... but it will only work if his pch price meets the lender ltv - and the actual mge is obviously 25k+.

He could also do lump sum repayments too (within their allowable %) to eventually get it back down to the 12k. I didn't want to go to far into this aspect in my orig post, to avoid muddy waters for the OP.

If he gives us a bit more info on the details of the flat we can give more accurate advice.

Holly