Urgent Advice needed in cancelling the topup loan

sudhasasii

my mortgage has been apporved coouple of month ago. I was little bit anticipated and asked for home improvement loan. then couple days after my solictior asked me to trasnfer funds for deposits. If I did faster paymeents, this wont be problem, but i went to bank to transfer as one transaction. Is ther any way to to show bank that I haven't used loan for mortgaged as I have done the payments already for deposit and ask for recredit the loan amount taken from me??

Thanks
Sasi

SeanG79

If your bank account and loans are with the same bank, can't they see what you used the funds for already?

sudhasasii

They can see it.

haras_nosirrah

Have you exchanged on the house yet?

Something which I hope won't happen but you will need to be aware of in case it does is that if the bank credit checks you before releasing the money then they may see the new credit you have taken out (and it may show the old credit as still outstanding as we as it can take time to update) which may cause an issue with the mortgage if affordability was in any way tight. Have as short a period between exchange and completion as possible (even same day) so that you don't exchange and then find yourself in trouble

sudhasasii

am exchanging today and completion is on 22nd.

sudhasasii

am little worried now.

haras_nosirrah

Are you able to exchange closer to completion?

I Don't want to unduly worry you but there is always a chance the lender will refresh the credit check before reading funds and £20k is not a small amount

sudhasasii

i have return back the loan amount and current status exactly same as before applying the personal loan. Do I still need to worry?

sudhasasii

Also Ihave mortgage offer with a personal existing which is 10k.Is this still a issue.

I am praying now

haras_nosirrah

If it is not showing on your credit report you should be ok

Check your credit report and see what is showing