Small mortgage or loan?! Help!!

SILLYMOO

I have recently sold my property and intended to be a cash buyer. This was a great plan but now my criteria for a house has changed....I got fussier and decided that I only want a detached house. After living next door to the neighbours from hell for two years I cannot mentally take the risk of buying a semi detached house. Anyway, I have seen a house but I realistically need another £30k, some to put towards the cash I already have and some for the potential modernising of the house I have seen. I am wondering what way is the best to borrow? Is it worth the hassle and fees of a small mortgage, which may scupper my plans to be debt free in less than five years or should i look at a loan? I have £12500 available on a credit card (not ideal but could be swapped to 0%-see Martin, I have learned :))
Any advice is appreciated!!

diggingdude

Could you not take a slightly higher mortgage over s few years and overpay?

[Deleted User]

Usually against terms and conditions of a personal loan to use them for a house purchase.

Small mortgage is very little hassle. I've just done a 25k that went from application to offer in 4 days

gj373

Deleted_User wrote: »

Usually against terms and conditions of a personal loan to use them for a house purchase.

I can't see what the problem would be if you are using the money to buy outright. Absolutely if for a deposit for a mortgage but I don't think the OP would be taking a mortgage.

However, interest rate would be much lower on mortgage than personal loan.

[Deleted User]

gj373 wrote: »

I can't see what the problem would be if you are using the money to buy outright. Absolutely if for a deposit for a mortgage but I don't think the OP would be taking a mortgage.

However, interest rate would be much lower on mortgage than personal loan.

It's usually in the terms and conditions that the loan is for personal use only. It must not be used as a loan for business, investment or speculative purposes, as a bridging loan or a mortgage deposit or to purchase or retain an interest in land.

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/personal-loans-terms-and-conditions

[Deleted User]

I think a mortgage would be the easiest type of lending to secure, especially and that LTV and a mortgage will probably beat the interest rate on a large personal loan.

gj373

Lover_of_Lycra wrote: »

It's usually in the terms and conditions that the loan is for personal use only. It must not be used as a loan for business, investment or speculative purposes, as a bridging loan or a mortgage deposit or to purchase or retain an interest in land.

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/personal-loans-terms-and-conditions

Guess it just depends on lender then. For example, Post Office Ts and Cs:

"The ‘cash loan’ shown as part of the total amount payable’, or any part of the loan, is not made under existing or future arrangements between
us and any supplier of goods or services, and there are no restrictions on how you use it."