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Mortgage on £36k purchase price??
melj16
Posts: 158 Forumite
Are there any lenders who will give a mortgage with purchase price of £36k?
The lowest I have been able to find is £40k, but was wondering if its possible to agree at £40k instead of £36k, for them to pay my solicitors fee and buyers premium (I want to do it before it goes to actual auction, but its still under auction terms now)
And pay cash back of say £2k......I realise this is probably not at all possible, but its worth asking?
The lowest I have been able to find is £40k, but was wondering if its possible to agree at £40k instead of £36k, for them to pay my solicitors fee and buyers premium (I want to do it before it goes to actual auction, but its still under auction terms now)
And pay cash back of say £2k......I realise this is probably not at all possible, but its worth asking?
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I applied to Clydesdale bank for a mortgage on a 35k flat, they go down to 15k I think.
Then again, that was buy to let.
Check their website and see0 -
You'll be able to borrow a maximum percentage of the purchase price, for example 90%.Are there any lenders who will give a mortgage with purchase price of £36k?
The lowest I have been able to find is £40k, but was wondering if its possible to agree at £40k instead of £36k, for them to pay my solicitors fee and buyers premium (I want to do it before it goes to actual auction, but its still under auction terms now)
And pay cash back of say £2k......I realise this is probably not at all possible, but its worth asking?
That would mean a £32,400 mortgage on a £36,000 purchase price.
Plenty of lenders offer mortgage under £40k. Shop around more.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 -
Hi does anyone have examples of places which will offer mortgages for 36k? I am in exactly the same position, have been shopping round but no luck...any help appreciated!0
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What's the loan to value?
£36k isn't going to happen if the property value is £36k.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 -
The property is 40k - I would be looking for a mortgage of 36k...ty!0
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Typically, smaller building societies have no minimum value/purchase price and a lower minimum loan than the bigger lenders.
You should research such lenders in your area and see what is available.
Here's the list of current BSA members;-
http://www.bsa.org.uk/aboutus/buildsocmember.htmI 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 -
Thank you - much appreciated!0
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Sorry I should have said - Its for BTL with 25% deposit
Thanks for the replies.0 -
Could go to 30% deposit if required0
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That information would have been useful about ten posts back.Sorry I should have said - Its for BTL with 25% deposit
Speak to a whole market broker. BTL is still broker-centred.
TBH I can't remember who has no minimum valuation and I don't have time to check.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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