do i have to say whats the moneys for ???

opinions4u

cookie1003 wrote: »

christ calm down i'm only asking if ya didn't know thats what these forums are for.

You asked. You got a number of answers. You asked again.

If you now get 5 or 6 more answers, are you going to ask for a third time?

_Andy_

cookie1003 wrote: »

christ calm down i'm only asking if ya didn't know thats what these forums are for.

Yes and you got the answer (also the incorrect one from some moron who thinks fraud's a great idea). And then asked again. The answer is still 'tell the truth otherwise its fraud'.

I'll leave you now to make your fraudulent application.

moneygoround

Why don't you take the mortgage out on the new build property (the one you're going to spend the money on), instead of on your original property?

GMS

cookie1003 wrote: »

christ calm down i'm only asking if ya didn't know thats what these forums are for.

Andy has answered correctly. You must tell the truth.

The alternative is to follow the 'advice' of themull and lie. A £50,000 kitchen and bathroom for a £100,000 house. Do you really think this is plausible?

Even if it was it would be fraud.

You may be better speaking to a broker. Some lenders will be fine with your application, others may not. What are your intentions for the properties?

cookie1003

because i didn't think i could because it isn't finished yet. & i know i have my house which is nearly paid off already. would it be just as easy to do that ?

cookie1003

Loanranger wrote: »

This is unacceptable language in a public forum.
The other person gave you a good answer several times.
Your attitude to people trying to help is despicable.

so calling someone a moron is acceptable.

Annisele

cookie1003 wrote: »

surely as long as i can make the payments i should be able to do with the money what i want. but maybe i must be a bit naive.

Nope. If you take an unsecured loan (at higher rates than a mortgage loan) then you're right, you can usually do whatever you want with it.

With a secured loan, the bank wants to know that the security you're offering is decent. If you are genuinely spending money on improving the mortgaged home, the bank will generally be happy - the house value probably won't improve by the amount you've spent on it, but it will generally improve a bit. A holiday to Disneyland - or work on the house next door - doesn't do anything to improve the bank's position.

But, I agree with all the other non-fraud-condoning people - tell the bank the truth! You want the money for a perfectly reasonable purpose, so unless house-next-door is an obvious money pit or you have insufficient proveable income, I don't see that there'll be a problem.

cookie1003

i do appreciate people trying to help me but when he said "he will leave me to make my fraudulent application". when i didn't say that is what i was going to do, i wanted help in what to ask. & calling someone else a "moron" who gave advice (yes, maybe the wrong advice).
this sort of help isn't called for & doesn't help anyone.

cookie1003

Annisele wrote: »

Nope. If you take an unsecured loan (at higher rates than a mortgage loan) then you're right, you can usually do whatever you want with it.

With a secured loan, the bank wants to know that the security you're offering is decent. If you are genuinely spending money on improving the mortgaged home, the bank will generally be happy - the house value probably won't improve by the amount you've spent on it, but it will generally improve a bit. A holiday to Disneyland - or work on the house next door - doesn't do anything to improve the bank's position.

But, I agree with all the other non-fraud-condoning people - tell the bank the truth! You want the money for a perfectly reasonable purpose, so unless house-next-door is an obvious money pit or you have insufficient proveable income, I don't see that there'll be a problem.

thanks for making it clear, so could i mortgage my unfinished house if they say they couldn't let me remortgage my home.

GMS

cookie1003 wrote: »

you are a complete !!!!!! where have i put that i'm going to make a fraudulent application. i asked for advice , i got different answers. i wish people like yourself would get off their high horse & just not bother answering unless you can just give helpful advice. if i knew it was fraudulent why would i ask it on here.
why don't you just either give friendly advice or shut up.

Totally out of order with this. You asked a question and got a perfectly reasonable answer which you did not like.

The question you asked:
would i be ok saying the money is for that or am i better saying the money is to do work on my existing house (new kitchen etc).

This is the part which indicates a willingness to not be honest which is fraud.

Informing you that this would be a fraudulent application is the most helpful advice you will receive, not an answer condining this.

There are people on this forum who give their time for free to help people with genuine queries.

If you only want a particular answer then do not ask an open question.