Extra borrowing with nationwide

moneypassat

Hi i need some advice please

I have mortgage with nationwide 179 000 house price about 290 000, im looking to extra borrow 25 000

I have three loans nationwide 10 000 hitachi 4000 and tesco 8000, i will pay my deb whit extra borrowing but thinking to say to bank that i need half money to build extension and half to pay deb. Do i have chance to get money? Or is it better to say that money is for extention only or pay deb only?? Oh my and wiffes pay together is about 55000

somethingcorporate

Whatever you do, don't lie as this is fraud.

Why not just be truthful that it's for debt consolidation. It's not always a good idea to secure debt, there may be better options to keep it unsecured, have you looked at alternatives? The Nationwide loan guarantee is pretty competitive, assuming your credit file is good enough to get a headline rate.

moneypassat

My last loan whit nationwide rate was really bad

Funny_old_game

Just lie.

Get found out.

Pay the consequences.

Why not tell the truth? Debt consolidation isn't a decline in every circumstance.

moneypassat

Pay the consequences?! Is like bank find out that i have paid debts instead of building extension, they take my house gives me penalty and sends me to prision prob guantanamo bay:)?!
If i pay deb I'm better situation to pay mortgage, if i build extension house price increase in any case there is no big difference for bank only in there applying system deb consolidation less chance to be approved
I think so

moneypassat

After i pay my deb i still will have left some money which i will use for house improvements, is not so big lie

Jon_B_2

Firstly, it's spelt debt, not deb.

Secondly that would be a massive lie as a bank is probably going to be ok with lending money for an extension that in all likelihood will increase their assets value.

Consolidating debt is far from increasing an assets value, it's increasing a lenders risk.

Thrugelmir

Lender may well be concerned that you already have £22k of unsecured debt. Suggests that you don't manage your finances well.

moneypassat

thanks for advice i will be honest and tell them i pay my debt and what is left use for house improvement