Loan v mortgage

nutty1
nutty1 Posts: 2,204 Forumite
Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
I,m thinking of buying my council house, I,m thinking a need to borrow £25,000, I,m 53 and looking to pay either back after 10 years, but which would I be better with , loan/mortgage 

Comments

  • Veteransaver
    Veteransaver Posts: 738 Forumite
    500 Posts First Anniversary Name Dropper
    Loan could work out cheaper as there won't be any fees, valuation etc but you'll need to do the sums. Loan should also be fixed for the period
  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,945 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 1 March 2024 at 8:08PM
    You'll probably need a secured loan (ie effectively mortgage) as most, if not all, personal loans won't lend for property.

    However, the amount is very small for most lenders.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.7K Work, Benefits & Business
  • 619.5K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.