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House move/mortgage/loan advice
john11367
Posts: 11 Forumite
Hi all,
Was looking for some advice on behalf of my parents.
Basically they're planning on moving house soon. The property they are moving to has a similar value to where they are now. However, they still have a mortgage on the current property with a balance of just under 17k remaining.
They had contacted their current mortgage provider however were advised their minimum borrowing amount was 30k. As they don't need this amount they then looked into a normal personal loan but when my mother phoned m&s they advised this wasn't possible for a property purchase? Although would be fine for a car etc.
Both currently work and as far as I am aware would have no issues with credit etc. Just wondering what their options are, applying for a mortgage seems a lot of hassle (particularly as my father is self employed) for an amount of money that umpteen loans on compare the market offers.
Is what m&s said correct, as in is there a reason why a personal loan is unsuitable for using towards the remaining balance on the house?
Thanks
Was looking for some advice on behalf of my parents.
Basically they're planning on moving house soon. The property they are moving to has a similar value to where they are now. However, they still have a mortgage on the current property with a balance of just under 17k remaining.
They had contacted their current mortgage provider however were advised their minimum borrowing amount was 30k. As they don't need this amount they then looked into a normal personal loan but when my mother phoned m&s they advised this wasn't possible for a property purchase? Although would be fine for a car etc.
Both currently work and as far as I am aware would have no issues with credit etc. Just wondering what their options are, applying for a mortgage seems a lot of hassle (particularly as my father is self employed) for an amount of money that umpteen loans on compare the market offers.
Is what m&s said correct, as in is there a reason why a personal loan is unsuitable for using towards the remaining balance on the house?
Thanks
0
Comments
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0% credit card? 24 months at 0%, then transfer balance after that?0
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