What's the lowest mortgage amount?

leestafford

Some studio apartment flats have appeared in the market in my area for £18,000.

Assuming I put down a 10% deposit, is it realistic to get a mortgage for the remaining £16,200?

I ran the sums through a calculator and the monthly payments would be less than £100 a month. Would anyone offer such a mortgage or do you think the properties are aimed for an investor to buy outright?

I'm just wondering if it would be worthwhile going to the estate agents.

I know it would be best to go there, but when you work full time, taking a half day off for something you wonderful people can tell me...

Thanks in advance!

Contemptuous

Some lenders will insist on a minimum property value (I know some set this at 40k) so I think your options would be limited.

Let_Us_See

Certainly reduces your lender options, but still a dozen or so lenders will consider.

Beckyy

As already said, some lenders have a minimum property value just need to have a very good look around.

leestafford

So would I be best off going and the mortgage advisor at the estate agent would find one of these providers?

I suppose I could assume that they would mention on their advert if it was a 'no mortgage' advert.

Thanks for the help so far

Yorkie1

I would avoid the EA's mortgage advisor. They are likely to be less experienced (generalisation), and are also likely not to be independent / whole-of-market. So they may well not be able to locate the most appropriate product for you.

Go to an independent broker.

dimbo61

You may also need a bigger deposit on a studio flat