Mortgage retention on CC?

Magpie71194

Hi all

I'm in the long process of buying a repossessed house (it is as stressful as everyone says).

The house is a wreck and my mortgage has put a retention of £1,000 for damp, which I know is very little.

I have my deposit in cash, fees are paid or cash to pay them. My sister has offered to pay my retention on 0% CC until I have the funds released. How much trouble would I get into for this? Would I be allowed to do it, would my solicitor report this to my mortgage company?

It's not a matter of low funds, its other priorities have taken up money available. New roof, chimney stack repairs and new windows are the priority whilst stripping walls and tackling damp was a job later down the line.

Any advice will be much appreciated, thank you

marksoton

I've given up on the morality of this on here. You go ahead.

But be in no doubt, you'll be commiting an offence.

eddddy

Magpie71194 wrote: »

It's not a matter of low funds, its other priorities have taken up money available. New roof, chimney stack repairs and new windows are the priority whilst stripping walls and tackling damp was a job later down the line.

I don't follow.

You're saying that you've got funds to pay for a new roof etc after you complete. So why are you £1k short of funds for completion?

Use some of the "new roof money" for completion. Then borrow money from your sister after completion.


Also, the mortgage lender's valuer seems to think the damp is the most important thing to deal with - why do you think other things are more important?

alchemist.1

Use the money for renovations for the retention. Use the 1k CC loan for the renovations. Logical way of dealing with the matter.

Magpie71194

A new roof, removing a chimney stack and replacing windows was part of solving the damp problem. It's old timber frames in all windows, some of which have come away so the building wont hold heat. Biggest job of the house is the roof so that's why the big priority. The damp is on 3 external walls, I have had a surveyor look at it and the house will not fall down as a result of the damp but it does need fixing in time. It was more so, after the initial work had been done I was stripping the walls to bare brick myself and then getting someone to treat damp and re-skim walls, but this part was intended to be in 2/3 months time. I did have cash for the initial work but new roof and all new windows is almost £6k. That was my initial plan.

Upon reading this back I have thought you are all correct, it's not worth jeopardizing the purchase just for the sake of managing money in a different way. Thank you and sorry for the stupid question.