Small mortgage - best options?

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Thrugelmir wrote: »

What rules? Lending is a commercial decision. There is no right to a mortgage although many seem to believe so. The FOS is not an appeals service.

However, respectfully, you've been negative in every post flatly indicating I have no hope and a mortgage is inappropriate for the lending amount. Again - respectfully - you've provided nothing to support this other than opinion. Others have given facts and supported their views.

I hope you are not offended but I do not feel you've added any value to the discussion at all with simply being negative and not backing up your position with facts and examples.

getmore4less

CitySlicker wrote: »

Ahhh that makes sense about the £25k limit. Presumably even if I struggled with £10k but someone wanted to offer me £25k with no overpayment restrictions, I could simply take £25k then repay £15k straight away reducing the mortgage down to £10k?

The tough bit is finding a lender who is both fee free and also does not restrict overpayments. HSBC ticks both boxes for that but most others I have come across either charge product fees or will only allow between 10-20% overpayments in a year without penalties.

A fee free offset will meet the criterea and you can keep that running for longer terms at no cost once 100%offset to give access to funds if needed.

if you borrow enough over a long term you may even have enough for the next move if it is portable.

The amount borrowed and interest rate is not that relevent since you plan to be net debt free in a year.

On £10k net borrowing even at 5% it is only £273 in interest.