Someone help please

Barclaay

Hello everyone first post so be kind!

Basically we are due to complete on our mortgage shortly and get the keys, however we borrowed some money from family to pay a credit card off before getting our mortgage, (so we look better) however we are unsure whether we can apply for a loan so quickly after completing on the house..

We had an email from the solicitors saying that they may need proof we paid off the credit card up to 30 days after we get the keys!?


Someone tell us please if we get the keys can we take out a loan to pay back the monies we borrowed or wait 30 days, can they take back our mortgage after we get the keys!

ACG

I can not really think of a kinder way to put this... Assuming you have not declared this loan, you realise you are effectively committing Mortgage fraud?

Barclaay

There isn't an official loan though and our mortgage advisor actually told us to do that...

So there is no mortgage fraud..


Also I'm asking once we have the keys how soon after getting the keys can we get a loan to do the kitchen and pay back 1.5k to family?

Noobie2011

Barclaay wrote: »

There isn't an official loan though and our mortgage advisor actually told us to do that...

So there is no mortgage fraud..


Also I'm asking once we have the keys how soon after getting the keys can we get a loan to do the kitchen and pay back 1.5k to family?

You are better waiting the 30 days to be safe but if all they are asking for is proof it is paid off then likely will just want a statement to that effect of the Credit Card Statement and will not be credit checking you again so will not know about the loan.

Although have they not asked for proof of where the income is coming from to pay the Credit Card off?

Barclaay

Okay that's fine, but can Barclays actually take the mortgage back after we get the keys!?

Also just to clarify we didn't lie on our mortgage application they didn't ask where the money had come from, and also when he had looked through our bank statements he had seen we had paid over £1000 a month off it for the last 3 months...

What would happen if we entered into a loan agreement within the 30 days?

Barclaay

Also they have already seen the proof and I rang the bank today to clarify this...

Noobie2011

Barclaay wrote: »

Okay that's fine, but can Barclays actually take the mortgage back after we get the keys!?

Also just to clarify we didn't lie on our mortgage application they didn't ask where the money had come from, and also when he had looked through our bank statements he had seen we had paid over £1000 a month off it for the last 3 months...

What would happen if we entered into a loan agreement within the 30 days?

Hard to say really as once you complete that is it really so cannot imagine they would do any further checks so in theory you could go out and apply for several forms of credit and it would not matter but on the safe side if it is only 30 days to wait thn I would wait so taking no risk at all

[Deleted User]

Bear in mind that the chances of getting a loan so quickly after moving may be very low.

Barclaay

I understand that getting a loan just after isn't always easy, it's just frustrating because we aren't moving in until its all done, I don't want to be pulling floors and kitchen out once my wife and baby are in that's all...

Maybe I will call the bank back unless there is someone on here who works for Barclays who can clarify anything for me!

AnotherJoe

Usual advice here is to wait until your first mortage payment has gone through.

Is the person you are paying back really that desperate they can't wait a month ?

John-K_3

Barclaay wrote: »

There isn't an official loan though and our mortgage advisor actually told us to do that...

So there is no mortgage fraud..


Also I'm asking once we have the keys how soon after getting the keys can we get a loan to do the kitchen and pay back 1.5k to family?

There is no such thing as an official loan, you took out a loan which you did not declare to the lender, that is mortgage fraud.

I’m not sure how you think that it would not be.