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Small Mortgage /LISA query
xink37
Posts: 1 Newbie
Hi guys
I’m in the process of buying my council house with a parent on the right to buy scheme.
We expect the offer to be around £30k after the discount at which point I plan to pay £20k off this balance leaving a shortfall of only £10k.
An online mortgage advisor called and said we are better off getting a £10k bank loan as they are easier to obtain , quicker and a mortgage is difficult to obtain with my mums age of 71 and the fact we only want a 5 year term.( I called the Skipton today and they said it should be OK as they lend up to 80)
The only issue with the loan is that I have a £10k LISA and if I DONT get a mortgage and take the loan option I lose my £2k LISA Bonus and get hit with a £500 penalty. So the £10k LISA becomes only £7,500.
Whichever route I take my legal fees are the same and I still need a survey on the house.
So the question is this ..... Is it worth all the extra work / Time delay in going via the mortgage route to potentially save the £2.5k LISA Capital.
Thanks
I’m in the process of buying my council house with a parent on the right to buy scheme.
We expect the offer to be around £30k after the discount at which point I plan to pay £20k off this balance leaving a shortfall of only £10k.
An online mortgage advisor called and said we are better off getting a £10k bank loan as they are easier to obtain , quicker and a mortgage is difficult to obtain with my mums age of 71 and the fact we only want a 5 year term.( I called the Skipton today and they said it should be OK as they lend up to 80)
The only issue with the loan is that I have a £10k LISA and if I DONT get a mortgage and take the loan option I lose my £2k LISA Bonus and get hit with a £500 penalty. So the £10k LISA becomes only £7,500.
Whichever route I take my legal fees are the same and I still need a survey on the house.
So the question is this ..... Is it worth all the extra work / Time delay in going via the mortgage route to potentially save the £2.5k LISA Capital.
Thanks
Which Option 1 vote
£10k Bank Loan
0%
0 votes
5 Year Mortgage
100%
1 vote
0
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