Minimum loan on mortgage

jal-money

Just posting to see what others think and more importantly if anyone has done similar before.
My husband and I are first time buyers, we intended to buy in cash, but just discovered 10 days before we were meant to complete that to use our LISA’s we needed a mortgage.
The GOV website does not say any minimum value for the mortgage and Money Saving Expert has a section saying there is no minimum value the mortgage needs to be.
Through my bank I have started an application which is due to be finalised tomorrow before being run through checks at the bank, where there is no minimum value the mortgage must be. 

This sounds crazy, but we’re enquiring about our mortgage loan being £150. 

The product being offered gives us £300 cashback, no set-up fee’s and will cost £7.50 for the early repayment fee once everything is done.

Although I have read that there is no minimum value required to utilise the LISA, has anyone else ever had such a low mortgage when using one? Or such a low mortgage in general and did they run into any problems? 

Thank you 

El_Torro

Last time I checked (it was some years ago) most banks that I checked were offering a minimum of £25,000 on mortgages. There may be some that offer less. I would be surprised if anyone would offer you a £150 mortgage though. I might be wrong of course.

DullGreyGuy

jal-money said:

Just posting to see what others think and more importantly if anyone has done similar before.
My husband and I are first time buyers, we intended to buy in cash, but just discovered 10 days before we were meant to complete that to use our LISA’s we needed a mortgage.
The GOV website does not say any minimum value for the mortgage and Money Saving Expert has a section saying there is no minimum value the mortgage needs to be.
Through my bank I have started an application which is due to be finalised tomorrow before being run through checks at the bank, where there is no minimum value the mortgage must be. 

This sounds crazy, but we’re enquiring about our mortgage loan being £150. 

The product being offered gives us £300 cashback, no set-up fee’s and will cost £7.50 for the early repayment fee once everything is done.

Although I have read that there is no minimum value required to utilise the LISA, has anyone else ever had such a low mortgage when using one? Or such a low mortgage in general and did they run into any problems? 

Thank you 

Which bank?

Most banks have a minimum of £25k for a new customer mortgage

beanielou

I doubt very much you would be able to get a mortgage of £150.