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Mortgage Or Loan?
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cjohnson355
Posts: 61 Forumite
Hi,
I may need to borrow around £50,000 buy a property but looking at borrowing against a mortgage seems very expensive for this amount. Would it be better to look into loans instead? I'm not really sure what the options are for borrowing in housing terms such a small amount (it's still a lot of money to me).
I may need to borrow around £50,000 buy a property but looking at borrowing against a mortgage seems very expensive for this amount. Would it be better to look into loans instead? I'm not really sure what the options are for borrowing in housing terms such a small amount (it's still a lot of money to me).
0
Comments
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You will need a mortgage for that amount, unless you try for a series of small loans, which is less likely to be successful.0
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The interest rate on a mortgage as opposed to a loan is generally much lower, so unsure why you are thinking it will be more expensive as a mortgage, unless you are basing a mortgage on a fixed term of say 25 years.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0
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