We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!

Loan for Property Purchase (not a mortgage)

1235»

Comments

  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    DCFC79 wrote: »
    25k is the minimum for a mortgage.

    What about of you are going the same lender in fixed term and then when you end the fixed term the loan value is less than £25k you sign another contract on another term or flexible term ??
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    adindas wrote: »
    What about of you are going the same lender in fixed term and then when you end the fixed term the loan value is less than £25k you sign another contract on another term or flexible term ??

    That scenario is not applying for a new mortgage where most lenders have a minimum of £25k or a further advance of £10k.
  • AndyT678
    AndyT678 Posts: 757 Forumite
    Part of the Furniture Combo Breaker
    What about looking for a £25K mortgage with no limits on overpayments?
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    AndyT678 wrote: »
    What about looking for a £25K mortgage with no limits on overpayments?

    That's where I would have started this thread. Easy solution, surely?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Min varies by lender

    http://mortgages.firstdirect.com/mortgage-and-rate-types/repayment
    borrow a minimum of £10,000 over 2 to 40 years

    Halifax let me put £5k in the calculator.
  • Jimmy_Boy
    Jimmy_Boy Posts: 270 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Finally got my reply from CIFAS after 31 days of waiting.

    Its come back clear! So all three have come back clear which is fantastic news and took a massive weight off of my shoulders.

    So, this whole thing has made me super paranoid.

    My question is, will now applying for a mortgage after a declined loan result in getting any markers against me. I would be devastated if I now applied for a mortgage and that action resulted in a CIFAS marker. This whole thing has been a massive stress for me.

    Thanks again in advance.
  • Herzlos
    Herzlos Posts: 16,213 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Jimmy_Boy wrote: »
    My question is, will now applying for a mortgage after a declined loan result in getting any markers against me.

    Nope. Just apply for the loan :beer:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.9K Banking & Borrowing
  • 253.9K Reduce Debt & Boost Income
  • 454.7K Spending & Discounts
  • 246K Work, Benefits & Business
  • 602.1K Mortgages, Homes & Bills
  • 177.8K Life & Family
  • 259.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture