Will the bank let me do this?

Dunko

I've got an fixed rate offset mortgage (5%) with an ability to draw another 50% should I need it.
I want to take out an additional mortgage with my provider on my existing house to take advantage of the base rate +2% they're currently offering, and use the proceeds to put against my 5% offset and decrease my net interest payable.
(I can then take advantage whilst rates <5%, if they rise I switch the borrowing back to the 5% and have it fixed.) Becomes a self administrated cap

The issue is that they want a reason and evidence (due to now being responsible lenders!) for the additional advance, which clearly I haven't got as a only want the funds to reduce my existing borrowing! (all income multiples, LTV are fine)
What grounds can I use to justify the borrowing c.£150k? With no evidence and no intention of spending it !
For an extension they want plans and planning permission
Loan to family member? (Which may not be made)
Money to invest? (Opportunity may not be right and therefore won't use funds)
Or would they lend if I told them the truth of my intent?
Any other credible ideas to allow me to save £X00 a month, without being convicted of mortgage fraud?

MarkyMarkD

All the "credible ideas" you mention are merely means of committing fraudulent misrepresentation of the reasons for the loan, i.e. mortgage fraud.

ViolaLass

To pay off debts? (Although they then might want details) It would be true at least.

getmore4less

Which lender is offering to let you take out additional lending seperate to the offset?

I though all lenders did not allow mix/match with offsets.

MarkyMarkD

ViolaLass wrote: »

To pay off debts? (Although they then might want details) It would be true at least.

They will know that you haven't got this huge amount of other debts, and they wouldn't lend that sort of amount for debt consolidation in any case.