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Looking for a small mortgage - £15K - is it even possible?
randal_bond
Posts: 3 Newbie
Hi. Buying a buy-to-let property and are short of something around £12K Do such buy-to-let mortgages exist? What is the best (cheapest) way to go about borrowing this sum of money?
Thank you.
Thank you.
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Comments
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Hi, I think it's possible to borrow such a small-ish sum and I have been thinking the same thing as I only need a small mortgage to buy my right to buy property.
The general consensus on this forum seems to be to contact a mortgage broker if you are unsure about what type, how much or how to go about getting a mortgage. That's what I'll be doing later this year as I have no idea what I'll be looking for. I'm also an older borrower but I believe that's no barrier these days. Unless I win Euromillions in the meantime. . .
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Thanks for that. We tried to contact a few banks, and they all say that they won't deal with us without a mortgage broker, even though we have an account with one of them. Do I understand it right that you can't get a buy-to-let mortgage without a broker?
Good luck with your situation.0 -
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randal_bond said:Thanks for that. We tried to contact a few banks, and they all say that they won't deal with us without a mortgage broker, even though we have an account with one of them. Do I understand it right that you can't get a buy-to-let mortgage without a broker?I don't think you actually need a broker as such. But for most of the mainstream banks, the minimum they'll lend is usually £25K. That's not a hard-and-fast rule, more a broad generalisation. The value of using a broker is that they'll know which lenders (sometimes the more niche ones) will be prepared to lend you a smaller amount. And I guess being a buy-to-let adds a slight extra nuance.Like I say, the figure of £25K minimum is certainly not set in stone, just a ballpark figure that a lot of lenders will use.
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I got around this problem by borrowing the money on a personal loan. Lenders will not lend if the loan is just for this purpose, but because I include renovations of the property in the amount borrowed I was allowed to have it.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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You could consider taking a larger, flexible mortgage that doesn't have an early repayment charge, and then immediately paying a chunk off, if you can't get a smaller mortgage.1
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That's a good idea and worth looking into. Thank you.tripled said:You could consider taking a larger, flexible mortgage that doesn't have an early repayment charge, and then immediately paying a chunk off, if you can't get a smaller mortgage.0 -
Could you borrow on your home ?
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