Borrowing more from mortgage lender to finance wedding/home improvements

Dd88

Hello (hopefully I've put this in the correct forum - I was stuck between loans/mortgages),

We purchased our house in 2016 and have since accrued equity in the house.
I'm looking to borrow more money from our lender (Nationwide) to help finance our wedding/big home improvements/pay off some credit cards.

When filling out the online application, there is a section where I'm asked to provide the details for the purpose of the loan, and with the credit cards/wedding details, it only allows a small amount to be allocated to these purposes, which I understand.

My concerns are - would my lender likely be reluctant to lend for wedding/credit card debt purposes - and as for home improvements, are they likely to want to see quotes. I've been advised by a family friend to say the whole loan is for home improvements, and then use it as we want to - but I would rather be straight up with the lender, with the option of remortgaging with a different lender if we can't get what we're looking for. Also, am I right in saying if this advice was taken, we would potentially be in breach of contract?

Perhaps I'm mumbling on - in the simplest terms I just want to borrow money on a one-off instance to sort our lives out and consolidate the debt into our mortgage in the easiest way possible!

Apologies if I'm coming across naive. Any advice or thoughts on the above would be great.

Thanks
Dd

dimbo61

Why do you think you have built up equity ?
You have only lived in the property for 4 years so will have paid little off the mortgage debt.
Have you already done major improvements ( new kitchen extension or extra bedrooms/bathroom ?)
Lenders don't like debt consolidation as this means your living above your means.
Wedding costs you need to save for and pay a little bit each month.
Starting off married life in debt due to a big party is a very poor decision.
Can you afford a bigger mortgage with the CC debts you already have 

p00hsticks

Dd88 said:

I'm looking to borrow more money from our lender (Nationwide) to help finance our wedding/big home improvements/pay off some credit cards.

In money saving terms, it's generally a really bad idea to move unsecured debt such as credit card debt to secured debt such as a  mortgage.

Apart from the fact that if you default on a secured debt you could end up losing the house, you'll probably end up paying a lot more, as even though the headline rate of the mortgage is much lower than that of a credit card, you're now paying that debt off over decades.

Dd88

dimbo61 said:

Why do you think you have built up equity ?
You have only lived in the property for 4 years so will have paid little off the mortgage debt.
Have you already done major improvements ( new kitchen extension or extra bedrooms/bathroom ?)
Lenders don't like debt consolidation as this means your living above your means.
Wedding costs you need to save for and pay a little bit each month.
Starting off married life in debt due to a big party is a very poor decision.
Can you afford a bigger mortgage with the CC debts you already have 

Apologies for using the wrong terminology, I thought the current house price minus the remainder of our mortgage was equity. I’m not really an expert on these things hence why I’m looking for help.

The CC debts are really a drop in the ocean, I don’t believe a lender would balk at the balance - I don’t live above my means at all, the CC debts are for professional courses I’ve done in the past to help me in my career, other than that, they’re not used. Put it this way, they’re not keeping me up at night - I would be happier just consolidating it into the mortgage though.

Thanks for responding though gents, you’ve both given me points to think about. I think I’ve struggled to put my concerns into writing to be honest, as the unsecured debt has been focussed on, but that’s my fault. 

Thrugelmir

How much equity are you looking to release?