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    I wanna borrow £10,000 over 25 years, any ideas where to go

    15 Comments

    Quickquid

    Wonga

    +1 for wonga

    You want to borrow £10 k over 25 years???? You would be lucky to find a loan with a term of over ten years . You could possibly increase your mortgage by that amount if you have one but I think you would struggle to find a loan on those terms

    Do you mean £100,000? Who the hell is going to give you £10,000 over 25 years -.-

    What deposit or equity do you have, if you need a mortgage then extra info will aid the comments

    25 years is too long for a small loan. you can't get a mortgage for this small an amount. what do you need the money for?

    Original Poster

    Ok, I am looking to move home and am mortgage free but need an extra £10,000 to buy another property, I need it over a long period as I wouldn't be able to afford the payments short term so am in a dilemma

    tibbles44

    Ok, I am looking to move home and am mortgage free but need an extra … Ok, I am looking to move home and am mortgage free but need an extra £10,000 to buy another property, I need it over a long period as I wouldn't be able to afford the payments short term so am in a dilemma



    If you cannot afford £10,000 over 5 to 10 years for moving home, you're unlikely to get the loan approved anyway as there must be something wrong here. But mortgages aren't going to be given for £10,000. And you're not going to get a £10,000 loan with anything like 20 years repayment.

    What's your income? And outgoings? Current debts? You need to seriously look at your budgeting as it sounds like your finances are not sustainable (MSE is far better at giving you help on this, than HUKD - otherwise Citizens Advice may be helpful).

    Your current savings and emergency funds must be small ? You never know what is going to happen in life and should have savings for any kind of emergency e.g. temporary loss of job, ?replacement car, illness etc etc etc
    Edited by: "Firefly1" 8th Jul

    £10,000 over the 25 years would turn into £100,000 with interest LOL
    Go to your local bank.... avoid Wonga etc

    tibbles442 h, 11 m ago

    Ok, I am looking to move home and am mortgage free but need an extra …Ok, I am looking to move home and am mortgage free but need an extra £10,000 to buy another property, I need it over a long period as I wouldn't be able to afford the payments short term so am in a dilemma


    if you are this skint then you shouldn't be moving home. have a rethink.

    If you are a cash buyer have you tried asking the Vendor for a reduction. Long shot but you never know if you can complete quickly. Or could you put less down (say £20-30.000) and then apply for a mortgage for that amount. You should be able to get it over a long period plus it will free up some funds.

    An offset mortgage maybe an option for you. Giving some flexibility and the facility to borrow £10k against your first property. Most mortgage providers have a minimum mortgage amount of £25k.
    Edited by: "Wadda" 8th Jul

    Original Poster

    Thanks for all your comments will have to think over what to do

    I think minimum mortgahe amounts are 25k....could you get a 25k mortgage and then repay 15k once you bought house....you need to ensure the mortgage you get is free from redemption penalty...
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