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First time buyer - 20K mortgage
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CharlotteSixx
Posts: 7 Forumite
I am a first time buyer looking for a small mortgage of only £20k. Is this possible? It seems every website I look banks want to lend larger amounts. Does anyone have any experience of a small amount?
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How much is the property worth?I am a Mortgage AdviserYou 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.0
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Barclays I think 35 thousand is the least you can borrow0
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Halifax have a minimum valuation of £40k rather than specifying a minimum loan.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.0
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Possibly Abbey, get a product with no fees, free val, and £250 cashback, on a small mortgage these are very worthwhile.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.0
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there are ways round this is the reason the borrowing is low is because you have a large deposit and the place is worth much more.0
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It's quite unusual for a FTB to need such a small mortgage.
Be prepared for questions about where the rest of the money is coming from, and have full evidence to back this up.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Thanks for the replies. It's a small property and has been valued at £25k. I know the owner who is willing to sell to me at reduced price for quick sale. Deposit is coming from my savings.0
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