Mortgages of less than 10K

inkie

I contacted our lender to arrange to amke overpayments, as we are keen to be mortgage free asap. Our current mortgage is fixed at 4.99 and has another 2 years to run on this fixed rate.
The lady that I was speaking with informed me that the minimum mortgage that is granted is £10K for existing customers. What happens if you need to borrow less than £10K, when due for re-mortgaging? How do you work this one through?

TIA Inkie

Luke

They probably would like you to go on to the SVR but for anything that small you might as well get a personal loan and pay it off.

Kaz2904

Or borrow more on a flexible mortgage with no overpayment penalties and then stick the surplus back in as soon as it has cleared.
A lot of people are finding that they are able to access that much on credit cards though!

Actually that's a thought, when you get down to a very small amount, is it feasible to bt to a cc? If you could get a 0% for 12-18 months that'd be grand wouldn't it.
I can just see it now, I'd like to bt £75744.16 to this card, will you lend me that much?

inkie

Or borrow more on a flexible mortgage with no overpayment penalties and then stick the surplus back in as soon as it has cleared.
A lot of people are finding that they are able to access that much on credit cards though!

That is what they were eluding to (borrowing slightly over, and then paying it back straight away)

MoneySavingNovice

You could try one of the flexible Mortgages.

They don't want to loan you 10k either, but you do have the option of taking the mortgage out for say 30k (so they think you are a profitable customer) and repaying almost at once 20k. It might be worth-while to do this as it then gives you flexibility to get some 'emergency cash' if you need it some-time in the future.

It is working for me..... although I have 60k to repay over three years so you are really suffering from quality problem.

Alternatively pay of the 10k...... you could do this via credit cards etc

Any way good luck