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Minimum property value?
Mary2012_2
Posts: 3 Newbie
Is there a minimum value a property must have to be mortgageable?
I saw a relatively nice mid-terrace house a few weeks ago on rightmove that went for £25000 and it got me thinking.
Is there a minimum amount?
I saw a relatively nice mid-terrace house a few weeks ago on rightmove that went for £25000 and it got me thinking.
Is there a minimum amount?
0
Comments
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Not really, it would probably have been a cash buyer. Someone who didnt need a mortgage.
The minimum mortgage is around £25k, although im not sure many mortgage lenders would want to be doing 90% LTV on a £25-30k property.I am a Mortgage AdviserYou 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 -
It varies from lender to lender.
Halifax minimum is £40k. Some are even higher.
Smaller building societies tend to have lower, or no minima, and will also lend less.
My local society, Stafford Railway, has a minimum loan of £5k.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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