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 Can I use a loan instead of a mortgage?

Q I'm going ahead with a right-to-buy on my council flat and the buying price is just under ?15,200. As it's such a small amount I'm hoping to pay it off as soon as I can - perhaps in seven years.

Please could you advise which would be best - a mortgage or a loan? (I can afford about ?240 a month as there's an extra ?100 a month service charge to consider.)

EN

A You will be better off going for a mortgage because the interest rate on mortgages is invariably lower than the interest you pay on a personal loan. However, be prepared not to be spoilt for choice.

You are likely to find that some lenders won't be interested in your business because of the size of loan that you want - many lenders, for example, won't lend less than ?25,000. And a fair number of lenders won't lend on right-to-buy properties.

According to James Cotton, mortgage specialist at no-fee broker London & Country, Abbey, Halifax and the Nationwide building society could be worth approaching as they don't discriminate against right-to-buy borrowers and don't have high minimum loans.

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