How Much Is The Mimimum Amount The Banks ...

[ladybirder]

will lend for a mortgage? My friend thinks it's £25k but she only wants to borrow £10k? I think up to £10k would probably be a personal loan which she might be better taking as mortgages fees are so high. But she wants to take it on interest only. Without having to phone each individual bank or BS I can't seem to find much so any help appreciated. Thanks.

[janbee]

I thought, maybe wrongly, that interest only mortgages were being done away with. As I say, I may be wrong.

Good luck to your friend.

[ladybirder]

Thanks Jan, it won't be the end of the world if she doesn't get an IO mortgage Jan, not on £10k anyway.

[Retrochic]

My daughter recently mortgaged her house she was already living in for £20k to convert the loft -she had no mortgage on the property as it was bought cash. £10k would be better taken as a personal loan as the fees to set up any mortgage can be upwards of £600 with conveyancing, survey fees,land registry fees,searches..the list goes on and its the same price even if the mortgage is for 10K or 100k

[Peter Pedant]

interest only mortgages are around - a/c to the financial pages - not wanting a mortgage I didnt read too hard

and I think you may have to ring around as with any mortgage

[ladybirder]

Retro do you know which bank/BS your daughter used please?

[Retrochic]

Ladybirder they used Lloyds Bank

[ukbod2015]

3 yrs at £298.99 Money Supermarket

[ladybirder]

Retro thank you.