We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Borrowing issues
Comments
-
margaret_1981 wrote: »No, but I want to choose better option.
Extension is built but you can always find something else to do in our house.
Plus we paid the builders in cash. So we could say we still need to pay them for example...
Despite all the good advice to the contrary, you seem intent on lying. Do you think this is acceptable?0 -
I think its not for you to judge.0
-
Maybe posting on a public forum wasn't the best idea for you...margaret_1981 wrote: »I think its not for you to judge.0 -
A remortgage, at least with the same mortgage company, will lead to questions about why they want the money. Extending the house may have got approval without further questions. Building a new house may well get the mortgage company asking further questions and maybe refusing the loan.Why would it make a difference?
...
If you wanted to remortgage its better to do it afterwards because the house is now worth more and they have more security.0 -
margaret_1981 wrote: »I think its not for you to judge.
Youre making this hard work for yourself.
Look at the big picture. Essentially you'll have assets worth £xxx and youll have debt worth £xx and your wanting to borrow some money. You really shouldnt need to be lying. Youve financed a lot of this stuff yourself so i cant see their being too many issues short of affordability. Id imagine theres quite a bit of capital to secure any debts against so that really shouldnt be an issue.
As long as you can afford to pay the additional cost of borrowing (as opposed to relying on selling the properties to repay) than there really shouldnt be problems with what you want to do.
Lying will create problems, especially when it doesn't appear to be necessary.
Just go to your bank (after doing the sums to work out if you can afford the monthly payments) tell them you want to remortgage your property after its extension to fund a house build.0 -
Thank you very much for your advice. Especially Spadoosh.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards