A £20,000 mortgage

Vale

Hello,
it`s my first post so be gentle with me.

We are looking to pay off £20,000 which remains on our mortgage. Lenders don`t appear interested in giving us a £20,000 mortgage, they want to lend us a lot more.

What I would like is suggestions of the best/cheapest way to borrow £20,000 and repay it over approx` 4 years. It doesn`t necessarily have to be a mortgage.

Thanks in advance.

jamesd

Vale, many lenders will accept mortgages down to 10,000, even lower. A five year term is usually the minimum but a flexible mortgage will let you repay sooner, so no problem there. A mortgage is going to be the cheapest way unless a family member or two want to lend you the money at their savings interest rate and you pay them the interest instead of their bank.

Why don't you want to keep the current mortgage or change to a different mortgage product with the same lender?

Have a chat with a mortgage broker. The mortgage value is too low to be of much interest to a mortgage broker so don't be surprised if you're asked to pay a small fee so they don't lose money on the deal.

Retired_I.F.A.

Or simply just ask your lender how much it would be per month to repay the existing mortgage over 4 years / or the term to repayment if you increased payments to £xxx p/m. That would cost you nothing.

edit..

ok 50p tops for a phone call