get a fixed mortgage now and bank it

rent_and_buy

right then, ive been accepted for a 125000 pound mortgage with the post office and 105000 btl mortgage with c & g.

i apply again for another residential mortgage after i have permission to let?

rent_and_buy

anyone?? over 100 views and no answers, i thought soemone might know

unite79

Lenders are changing criteria on a daily basis so no-one can answer your last comment.

Borrowing another £55,000 telling the lender you are going to use it for home Improvements - yet bank it and then use it for a deposit - Sounds to me A - Stupid and B - Fraudulent - (Stupid as the rate you wil be paying will be higher than you will get on the savings) - Fraudualent as YOU are LYING.

Incidently you new lender will require to know where the money has come from - seeing £55,000 in a bank account will not suffice!

System

My fraud detector just went ballistic.

rent_and_buy

unite79 wrote: »

Lenders are changing criteria on a daily basis so no-one can answer your last comment.

Borrowing another £55,000 telling the lender you are going to use it for home Improvements - yet bank it and then use it for a deposit - Sounds to me A - Stupid and B - Fraudulent - (Stupid as the rate you wil be paying will be higher than you will get on the savings) - Fraudualent as YOU are LYING.

Incidently you new lender will require to know where the money has come from - seeing £55,000 in a bank account will not suffice!

I was just going to put a plan together and say i want the house double glazed, new kitchen, new bathroom, garden landscaped, drive block pathed and a new car.

theartfullodger

So, rent_and-buy: You've told us you plan to lie to the Post Office.

In my experience, those who tell you they lie to one body frequently lie to others (HMRC, partners... ). I'm sure that's not the case with yourself..

However, if I were a lender (and with the numbers & other information you've given us there can't be that many in your unique situation so I'd guess the lenders are already on to you... they do have a look here from-time-to-time to see who's got what plans...) I wouldn't touch you with a very long barge pole...

Best wishes, hope the decent honest people do well and the dodgy crooks get caught.

Yours aye

Lodger

rent_and_buy

SO basically what i will do is apply for 105000 pound from the post office clear my current mortgage and put the rest in the bank for home improvements and a new car.

rent_and_buy

theartfullodger wrote: »

So, rent_and-buy: You've told us you plan to lie to the Post Office.

In my experience, those who tell you they lie to one body frequently lie to others (HMRC, partners... ). I'm sure that's not the case with yourself..

However, if I were a lender (and with the numbers & other information you've given us there can't be that many in your unique situation so I'd guess the lenders are already on to you... they do have a look here from-time-to-time to see who's got what plans...) I wouldn't touch you with a very long barge pole...

Best wishes, hope the decent honest people do well and the dodgy crooks get caught.

Yours aye

Lodger

jealous?

im not lying, my house was up for sale we couldnt find anything, so now we have decided to do some improvements on the house and buy a new car.

How long that takes to do our house up is down to us, if by coincidence a house comes up we wish to buy instead of doing ours up then great, we get a better deal on our mortgage.


people down my road have remortgaged their houses for loads and had work done on them,and bought cars do you really think they will be checking me out to see if ive had the work done??

unite79

Clearly you are Lying - Whilst your house may have been up for sale, you have clearly decided you are going to move!

Taking 3 months to buy a car and do some home improvements, I am sure the Post office will not smell a rat, and refuse you Consent to let, and your new lender will also not assume you have done anything dis-honest!!!

rent_and_buy

unite79 wrote: »

Clearly you are Lying - Whilst your house may have been up for sale, you have clearly decided you are going to move!

Taking 3 months to buy a car and do some home improvements, I am sure the Post office will not smell a rat, and refuse you Consent to let, and your new lender will also not assume you have done anything dis-honest!!!

i will be buying a new car, to be honest ill just see whether they will lend me the money for the home improvements if they turn me down then thats it, if they dont i get the mortgage.

Like i say i will explain to them if we do decide to rent it out, but its not a option has we have not found anywhere, my missus has just said to me we could do with sprucing the place up.

Oh and by the way i will be paying the money back.

rent_and_buy

unite79 wrote: »

Clearly you are Lying - Whilst your house may have been up for sale, you have clearly decided you are going to move!

Taking 3 months to buy a car and do some home improvements, I am sure the Post office will not smell a rat, and refuse you Consent to let, and your new lender will also not assume you have done anything dis-honest!!!

I dont think it will be 3 months i think it will be longer the way prices are going, ive already spoke to them today and asked if we have a mortgage with them and then decide to rent what happens, and they said we pay a fee of 199 pound and then we get consent.