How would this borrow back look to the lender?

deefadog

My Current Lender is Northern Rock and i am to assume i am in the Bad bank of the switch even though i have an LTV of 40%.

I have overpaid around 21k which is available for borrow back, but with them being more fussy on why i want it back (which i think is the case) would i be better lying what i need the money for?

The reason for the borrow back - We have 2 properties in Cyprus which are nearly completed and I need around 16k to furnish and sort the rental side out. My aim to rent out for a few years and hopefully sell them for a profit when the market picks up!

Is this to high risk to allow the borrow back? or should i say i am converting my garage or conservatory in my UK Home to add value to the property?

Thanks in advance

Radiantsoul

I would be honest.
I am not sure why you think you would be in the bad bank?

deefadog

Thanks

There is someone on the northern rock thread with 30% and she's been put in the bad bank :mad: - The Swines.

_Andy_

Not being honest = making a fraudulent application. Never a good idea.

deefadog

Do they actually check what you second it on though? I mean i am doing this with the intentions of hopefully paying the mortgage off in the next 5 years.

Maybe if i say it for home/property improvements then i am not lying?

Radiantsoul

deefadog wrote: »

Thanks

There is someone on the northern rock thread with 30% and she's been put in the bad bank :mad: - The Swines.

No idea why that would be. Perhaps she hasn't maintained payments. Although the split is presumably more to do with when the bank is sold and won't really matter.

Radiantsoul

deefadog wrote: »

Do they actually check what you second it on though? I mean i am doing this with the intentions of hopefully paying the mortgage off in the next 5 years.

Maybe if i say it for home/property improvements then i am not lying?

I can't see them coming around to check, but it still doesn't seem like a great idea to lie. I am not sure that you need to anyway.