We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Small mortgage sum required

loopylou1066
loopylou1066 Posts: 1 Newbie
in Mortgages & endowments
I need a very small sum to complete on the purchase of a new flat £15,000. On checking available mortgages, they all seem to start at £25,000. Is this the market norm?

I would just welcome some advice on what purchases have done in this situation. I am now presuming that I need to go down the route of a personal loan.

Any advice welcomed.

Thanks all.

Comments

  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are lenders out there who will do £15k. The odd one is on the high street.

    You either need to get speaking the lenders and do the research or consult a broker. For £15k though i think a broker would charge a fee as commission would be about £40.
    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.
  • redonion
    redonion Posts: 215 Forumite
    What are the best early repayment terms you can get on a mortgage for a higher amount (say 25,000)? Compare the overall cost of that with a personal loan.
  • jackomdj
    jackomdj Posts: 3,073 Forumite
    Part of the Furniture 1,000 Posts
    Or an offset mortgage for a higher amount and leave the bit you don't need in the offset account.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.9K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.5K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture