Minimum Mortgage Amount

[porcupineprince]

I'm looking at borrowing around £5000 through a mortgage for a property that i own.

I've made a few enquiries and the minimum amount I can borrow appears to be £10k.

Do any of the PH Finance bods know of where a lesser amount can be borrowed from? I don't want it over any more than 5 years.

Cheers.

[mcflurry]

Why would you want to secure such a small amount on a property, plus pay for surveys and fees etc?
A £5000 loan is £102 a month on moneysupermarket, over 5 years unsecured, with no fees etc

[scotal]

Have you spoken to Co-op, C&G or Nationwide?

[scotal]

mcflurry said:

Why would you want to secure such a small amount on a property, plus pay for surveys and fees etc?
A £5000 loan is £102 a month on moneysupermarket, over 5 years unsecured, with no fees etc

If he picks the right scheme he could set up a fees free mortgage.
Whether it makes sense to secure that sort of borrowing on a property is a whole 'nother matter.

[Tino]

Can you not just borrow 10k, and then pay back 5k early? No fees on HSBC, and tracks at 1.89 over base for life!

[princeperch]

or borrow the minimum and reduce the term after a bit?

[Road Pest]

Why would you want to secure 5k?

[dave-therave]

Can you not do a further advance on your mortgage? As long as you aren't at your maximum LTV of course.

Edited by dave-therave on Friday 7th January 21:03