Can I use my personal loan cash to buy a house

andyuk21us

Can I use a personal loan to buy a house i have been accepted for the loan already I borrowed 10k it was so posed to be for a car but I am buying a house I am a cash buyer all I needed is 6k from my loan money I am thinking the bank might stop payment

sniggings

The mortgage provider would have to be made aware.

andyuk21us

I'm a cash buyer all I need is 6k from my 10k loan I have been accepted for but ther terms for the loan is based on me buying a car thay would not give me a personal loan to buy a house it's the banks rules

sniggings

two issues...

if you stated you wanted a loan for a car, and they loaned you the money based on you buying a car, using that money to buy a house would be classed as fraud. Whether they would act on that is another matter, they may not be concerned?

You only have to tell the mortgage company your 6k is from a loan IF asked, if they do not ask, you do not need to tell them. but if asked, you really need to say, as lieing on a mortgage application is serious.

andyuk21us

I am buying the house outright no mortgage I just need 6k from my 10k loan

sniggings

sorry just noticed, you say paying cash for the property, then yes no problem, again just if they ask.
You just have the loan to worry about, chances are they wouldn't be concerned, sometimes they just ask what's the loan for to make sure it's not for a daft reason, such as gambling etc.

G_M

You've got the cash?

Buy the house.

(just make sure you repay the loan on time!)

stator

Check the T&C of the loan. I assume since they have given you cash it was not a loan to be secured against a car?

Loopy28

It might be that ended up buying a cheaper car and had some cash left over.

Your solicitor fees and stamp duty might add up to a few thousand, some of the 6k might be for that and not the house.

It might have been that you expected to use it all, never did so it is currently sitting in your savings account while you decide what to do with it. You have already drawn down the loan,the 14 day cancellation period has passed....if you went back to the bank and said, guess what my car only cost me 4k and I have 6k left over, they are not going to ask you or even let you adjust the loan at that point.

bris

Why would you need to borrow money to buy a car when you have x amount of thousands sitting in a bank to buy a house.


I smell a troll tbh, personal loans can be used for any reason and the bank neither need a reason or even care and if it was to be secured on the car then the car paperwork needs to be presented to the bank for the loan to be signed off.


This one doesn't make sense.