Q: £ Hi
I have 25k to buy residential property as part of the Tennents right to buy scheme. Should I consider a loan because it is not a major advance amount.
Thanks
Mortgage interest rates are nearly always a great deal less than a loan interest rate.
I do not want to be rude, but a mortgage is very similar to a loan. It is probable that any lender offering to loan you £25K will almost certainly look for some security, ie. a charge over the property, making it a secured loan, which is practically the same as a mortgage.
There are some very good fixed rate mortgages and loans available. I think I would be inclined to use some of the price comparison websites to assess the differences between the different products available.
I have saved hundreds over the last couple of years using them for things like mortgage, insurances etc..
Regards
Keith
tags: mortgage, thanks in advance
posted in mortgage by admin
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