Small Mortgage for a first time buyer

Logie_2

Hi, Could I please call upon your expertise.

I wish to borrow £15,000 for a mortgage, I would like to make use of any first time buyers deals to help cover the costs of solicitors etc, I have a clean credit history, no debts. I like the idea of overpayments, but my cash flow is erratic to say the least (running my own Ltd company), but all through paye. (never know if this is classed as “Self employed or not….)

I’ve gone through L&C for a quote but just because I didn’t go ahead straight away from getting the quote they have “gone cold” on me. Has anyone got any great ideas? I need to get cracking!! Thanks in advance.

MarkyMarkD

Very few lenders will do you an attractive deal on £15k - the normal minimum is £25k. But if you have sufficient income to borrow £25k, you could borrow £25k on a deal with no repayment penalties (with incentives, as you say) and THEN repay £10k straight after completion. That is likely to prove the cheapest for you.

Being an employee of your own company shouldn't prohibit you from getting a loan, but having an erratic income doesn't help.

Fairdo_2

Agree completely with MarkyMarkD.

Own bank may also be a good starting point for you, as they often have your full history and credit patterns.