Reasons for further advance

hermione08

Does anyone know if certain reasons for obtaining a further advance on mortgage ( halifax) are looked on more favourably ie consolidation of loans, home improvements or new car ? thanks

koexelek

As far as I am aware, Helifax are OK with all of those. Best to tell them what it is really for, because if you say it is for home improvements and it isn't they might want to see quotes

hermione08

hi thanks for that, do you know how long it takes for application to be processed if done online ?

koexelek

They are normally pretty quick.
I've had them go through in a week to a fortnight

hermione08

thanks again, i was intending using further advance for both car and home improvements but thought they might not go with that as i still have 8 yrs left on mortgage and a car wouldnt last that long, i currently have 40,000 outstanding with a property value of 150,000, and was looking to borrow about an extra 10,000 do you think this would be ok.

bkca1230

we had mortgage of 40k with halifax and wanted to borrow another 20k. value of property 130k.they said yes twice (dec and jan)whenwe enquired before planning permission etc ,went to get money in march and said NO .completely shocked.so now getting new mortgage with barclays as builer was starting in may. dont get hopes up thats all im saying.

Robert_Sterling_3

koexelek wrote: »

Best to tell them what it is really for, because

Because if you do not tell them the truth you are "attempting to obtain a pecuniary advantage by deception" and this is a criminal offence which MSE should not encourage.

_Andy_

Robert_Sterling wrote: »

Because if you do not tell them the truth you are "attempting to obtain a pecuniary advantage by deception" and this is a criminal offence which MSE shoul not encourage.

Agreed, although fraudulent applications seem to be defended quite a lot on the MSE boards.

confused31_2

I think its called mewing what you are doing, but i cant see a problem you have plenty of equity in your property and i can not see a problem of it being refused. To be honest i think if the bank thinks you can pay it back and from the figures you have gave, it does not look like you will struggle to pay it back, you could even tell them you need it for a once in a life time holiday.

hermione08

thanks confused 31, and to the previous posters, i will not be doing anything fraudulent i will be requesting money for the reasons i needed it.

_Andy_

hermione08 wrote: »

thanks confused 31, and to the previous posters, i will not be doing anything fraudulent i will be requesting money for the reasons i needed it.

My comment wasn't aimed at you hermione.