Mortgage Or Loan

[cypher007]

i will probably need a £10-15k loan or mortgage to bridge the gap between my current properties sale price+savings, and the next property we plan to buy. if we ever get a HPC that gap will close to nothing, but hay ho i cant wait any longer. os is this a no brainer and should i get a loan, as presumbably the total re-paid will be less, even if i over paid the mortgage.

Edited April 14, 2011 by cypher007

[winkie]

i will probably need a £10-15k loan or mortgage to bridge the gap between my current properties sale price+savings, and the next property we plan to buy. if we ever get a HPC that gap will close to nothing, but hay ho i cant wait any longer. os is this a no brainer and should i get a loan, as presumbably the total re-paid will be less, even if i over paid the mortgage.

....depends on the interest rate and fees look at the total APR...whatever it is you want something you can repay without penalty at any time ie is flexible.

[Bloo Loo]

plan to buy? cant wait? I will probably need?

troll away.

[Barb E Dahl]

i will probably need a £10-15k loan or mortgage to bridge the gap between my current properties sale price+savings, and the next property we plan to buy. if we ever get a HPC that gap will close to nothing, but hay ho i cant wait any longer. os is this a no brainer and should i get a loan, as presumbably the total re-paid will be less, even if i over paid the mortgage.

Read the post...

Telegraph - House Prices Falling Faster In Uk Than In Spain

Edited April 14, 2011 by Barb E Dahl

[winkie]

plan to buy? cant wait? I will probably need?

troll away.

If you buy now you have a good chance of living in something that will be worth less over the near and medium term future, I would wait if I were you.....if you wait long enough you will not need anything.

[NorthamptonBear]

Try to borrow via Zopa. May be cheaper than banks etc. Flexible/overpayments.

[MinceBalls]

i will probably need a £10-15k loan or mortgage to bridge the gap between my current properties sale price+savings, and the next property we plan to buy. if we ever get a HPC that gap will close to nothing, but hay ho i cant wait any longer. os is this a no brainer and should i get a loan, as presumbably the total re-paid will be less, even if i over paid the mortgage.

I've been looking at something similar. I'd be doing it on a relatively short term basis and would want to be able to pay lump sums off.

HSBC do a lifetime tracker @ 1.89% above the base rate. No arrangement fee and no charges for overpayment.

Much cheaper than a loan even if IR's creep up,

Edited April 14, 2011 by MinceBalls

[cypher007]

I've been looking at something similar. I'd be doing it on a relatively short term basis and would want to be able to pay lump sums off.

HSBC do a lifetime tracker @ 1.89% above the base rate. No arrangement fee and no charges for overpayment.

Much cheaper than a loan even if IR's creep up,

hmm sounds good, as long as ir's dont go from 0.5 to 5 in a short space of time. oh and im not a troll, just fed up of being told the HPC is just around the corner, i need to get my family into a nice home in a nice area. im fed up of waiting, three years and all theyve dropped is about 10-15%. i was looking at some on rightmove today that are actually on at about 5% more than they paid in 2006-7 .

[MinceBalls]

hmm sounds good, as long as ir's dont go from 0.5 to 5 in a short space of time. oh and im not a troll, just fed up of being told the HPC is just around the corner, i need to get my family into a nice home in a nice area. im fed up of waiting, three years and all theyve dropped is about 10-15%. i was looking at some on rightmove today that are actually on at about 5% more than they paid in 2006-7

Well I know the feeling; I'm in a flat with one kid and another on the way - one month to go - and super sh1te schools in every direction. Unfortunately for me, all the places I am looking, asking prices are WELL above (up to 15%) the 2008 peak.

If I had know how the last 12 years was going to pan out I would have mortgaged myself up to the hilt in the late 90's instead of saving like crazy for the last decade. In my naivety I never even considered that the feckless would be rewarded at the expense of the prudent. You win some you lose some I suppose!

[ccc]

I am pretty sure most mortgages have a minimum limit of 25k. So there is your answer. Check for yourself.

[arrgee1991]

i will probably need a £10-15k loan or mortgage to bridge the gap between my current properties sale price+savings, and the next property we plan to buy. if we ever get a HPC that gap will close to nothing, but hay ho i cant wait any longer. os is this a no brainer and should i get a loan, as presumbably the total re-paid will be less, even if i over paid the mortgage.

Get a mortgage rather than loan. Overpay to reduce repayments. Generally you can overpay by up to £500/month. You then create an overpayment reserve which you can draw upon al long as you don't change your deal.

Only reason to get a loan in preference is if amount is too low and arrangement fees wipe out any benefit.

I made decision to get a tracker with no arrangement fee about 30 months ago, and with the overpayments, I now have a fund of about £15K I can dip into at will.