Mortage paid off - Can i borrow money for other things or only houses ?

stylus360

Hi All

I paid my mortage off couple years back, it is a flexible Nationwide one with no penallty for overpayments, i just used to transfer any extra cash from current a/c into mortage a/c.

The mortage is still open and has had £1 in it for last few years in case i need to borrow they said.

Can i go in and ask for say £50k for new car, build gym, landscape garden, new kitchen.....

I can easily afford the payments and will prob pay it off within 2 years or sooner.

What do you think ?

Cheers

opinions4u

Can i go in and ask for say £50k for new car, build gym, landscape garden, new kitchen.....

You could go in and ask for the finance for a sex change operation if you like. No idea what answer you'd get though.

Make the call and see what the outcome is. I don't know what their lending criteria is at the moment, but I'm sure if you have income and equity they'll give it due consideration. Alternatively, see a whole of market mortgage adviser and arrange a remortgage elsewhere.

Other alternative: Save the money up and earn interest instead of paying it.

getmore4less

One reason we prefered the offset over the flexable.

Don't have to ask for the money just take it out of the offset account.

If this is likely to be a recuring event every few years an no fee offset might be an option worth considering, problem is the rate might not be quite as good s Nationwide.

stylus360

opinions4u wrote: »

You could go in and ask for the finance for a sex change operation if you like. No idea what answer you'd get though.

Make the call and see what the outcome is. I don't know what their lending criteria is at the moment, but I'm sure if you have income and equity they'll give it due consideration. Alternatively, see a whole of market mortgage adviser and arrange a remortgage elsewhere.

Other alternative: Save the money up and earn interest instead of paying it.

I am considering the sex op but not until i retire.

I have the money to pay cash but it is all tied up in shares, and have already used my £9600 CGT for this year.

opinions4u

stylus360 wrote: »

I am considering the sex op but not until i retire.

I hope it works out well for you! Most people write "home improvements" on the application form!

I have the money to pay cash but it is all tied up in shares, and have already used my £9600 CGT for this year.

The limit is £10,100 for 2009/10 and 2010/11.

dimbo61

If you changed from a man to a woman could you get your state pension a few years early!

opinions4u

dimbo61 wrote: »

If you changed from a man to a woman could you get your state pension a few years early!

And would you get to live longer as a result too?

Peelerfart

dimbo61 wrote: »

If you changed from a man to a woman could you get your state pension a few years early!

but that would be offset by the lower rate of pay you would get.

What's the first thing a woman would get if she had a pen1s - a pay rise !

stylus360

Thanks for the very helpfull replies, i am off to Thailand on hols to research more.

pineapple

I don't know if rules have changed or if lenders differ, but I have used the mortgage to borrow money for all sorts of things in the past.

Thrugelmir

stylus360 wrote: »

Thanks for the very helpfull replies, i am off to Thailand on hols to research more.

Read up on exchange controls for Thailand, movement of capital etc is not so easy as here in the West.