Reason for borrowing extra on a mortgage?

Thrugelmir

hollywoodch wrote: »

Thanks Thrugelmir - do you think that such 'post-lending' spotchecks are commonplace? Wouldn't the surveyor be most likely sent before lending happens though, rather than after? Or are you suggesting both?

Who knows what may be asked. In general terms and in no way commenting on your specific case. Experienced financial professionals can smell a rat a mile off. I.E. applicants are evasive, struggle to provide evidence without being questioned, ask if something else will do etc etc.

I always recommend a proactive approach. Ok circumstances are unusual and out of the ordinary. However I'm going to provide you Mr Lender with a enough evidence to support the application without being asked. Makes matters transparent and builds a relationship between the parties concerned.

hollywoodch

Thanks for checking that ACG. I wonder if I am best saying that it is for debt consolidation then?

If needed, I could shave a bit off - like I mentioned, a portion was just to make my bank balance a tad more healthy in light of all the spend (outside of the money lent to me) on the extension.

I was just really curious as to how / what checks are implemented post lending, to see if you spent it on what you orginially stated. Like my reply above, what's to stop one saying 'home improvements' and buying a super car instead!? Slightly ridiculous example, but hopefully you get my point!