Money Transfer - be careful what you say

MallyGirl

OH was offered a cheap money transfer offer by Halifax. He doesn't normally get involved in stoozing but I am maxed out so I told him to go for it. We have an offset mortgage and the MT fees would be less than the interest saved so it was worth doing. When they asked what he was going to do with the money he told them and they refused to do the transfer saying it couldn't be used to pay off mortgages. Grrr - next time he will just say it will pay off a debt but they wouldn't budge on this application.

bizwax

Wow, thanks for the tip MallyGirl.

I guess it goes to show, try and be vague and only give specific details when drilled.

Cheers.

Ben8282

With more and more lenders now asking the reason for the money transfer it would be interesting to know what reasons have been given and accepted and what reasons have been given and not accepted ... to help people to know what to say in answer to this question.