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Do i need to tell my mortgage company that additional borrowing is for debt?
I recently out of curiosity looked into borrowing more money on my existing mortgage.
On the online calculator if i say the borrowing is for debt it says that the total amount offered is 0, if i don't say anything about debt the total offered is 110000.
Is it necessary to tell them that information?
New to this forum, any help or advice would be great. Thank you.
On the online calculator if i say the borrowing is for debt it says that the total amount offered is 0, if i don't say anything about debt the total offered is 110000.
Is it necessary to tell them that information?
New to this forum, any help or advice would be great. Thank you.
0
Comments
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Yes, because if you don't it'll be fraud because you'll be borrowing on false pretences and if found out you'll lose the money, gain a CIFAS marker and if they call in the mortgage, your house.
Post in the DFW board if you're looking to consolidate. Changing unsecured lending to secured lending is usually a bad idea and I'm sure people can help out with ways to avoid doing this.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
You need to answer questions in their application form honestly.
They will ask what you are borrowing money for.0 -
Borrowing more on your mortgage to repay unsecured debt is an extremely bad idea. Lying on an application form is fraud and they always ask what the money is for and will see what other borrowing you have if they credit check you so I would strongly urge you not to do that.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£7500
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0
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