House renovation loan

Mo009

Hi all. I have a question regarding getting a loan to help out with my mother's house renovation. I have lived in the UK for 10 years and my mother lives back home in Poland. I am just wondering if the bank could lend me money if I do not own the house myself and the house is abroad. Has anyone ever been in a similar situation? Thanks

TadleyBaggie

I very much doubt any UK lender would entertain this.

CliveOfIndia

As above, it's very unlikely that any lender would agree to this.  I think the only way you'd be able to do this would be to lie about the purpose of the loan on the application form.  This would be a VERY bad idea which could land you in a whole heap of trouble, not least a fraud marker being placed on your records.

If your mother is able to get a loan in her own name then fine.  Or if you're able to gift the money to her yourself then no problem (with the usual caveat that it really needs to be viewed as a gift with no expectation of it being repaid - lending money to friends and family invariably turns out badly).

Alternatively, and potentially far easier all round - can she do the renovations piecemeal, as and when she is able to save up and afford each bit ?

Mo009

CliveOfIndia said:

As above, it's very unlikely that any lender would agree to this.  I think the only way you'd be able to do this would be to lie about the purpose of the loan on the application form.  This would be a VERY bad idea which could land you in a whole heap of trouble, not least a fraud marker being placed on your records.

If your mother is able to get a loan in her own name then fine.  Or if you're able to gift the money to her yourself then no problem (with the usual caveat that it really needs to be viewed as a gift with no expectation of it being repaid - lending money to friends and family invariably turns out badly).

Alternatively, and potentially far easier all round - can she do the renovations piecemeal, as and when she is able to save up and afford each bit ?

Unfortunatelly she is not capable of saving up any money with the amount of pension she gets, another option I was thinking about is getting a money transfer credit card, but I don't know if I could get any decent amount with that option. Any ideas?

TheSpectator

Mo009 said:

CliveOfIndia said:

As above, it's very unlikely that any lender would agree to this.  I think the only way you'd be able to do this would be to lie about the purpose of the loan on the application form.  This would be a VERY bad idea which could land you in a whole heap of trouble, not least a fraud marker being placed on your records.

If your mother is able to get a loan in her own name then fine.  Or if you're able to gift the money to her yourself then no problem (with the usual caveat that it really needs to be viewed as a gift with no expectation of it being repaid - lending money to friends and family invariably turns out badly).

Alternatively, and potentially far easier all round - can she do the renovations piecemeal, as and when she is able to save up and afford each bit ?

Unfortunatelly she is not capable of saving up any money with the amount of pension she gets, another option I was thinking about is getting a money transfer credit card, but I don't know if I could get any decent amount with that option. Any ideas?

How much do you need?

Credit limits will be based on what the card company is comfortable offering and will depend on your income and any other financial commitments you have. Problem is you don't usually find out your credit limit until you make the application.

Mo009

TheSpectator said:

Mo009 said:

CliveOfIndia said:

As above, it's very unlikely that any lender would agree to this.  I think the only way you'd be able to do this would be to lie about the purpose of the loan on the application form.  This would be a VERY bad idea which could land you in a whole heap of trouble, not least a fraud marker being placed on your records.

If your mother is able to get a loan in her own name then fine.  Or if you're able to gift the money to her yourself then no problem (with the usual caveat that it really needs to be viewed as a gift with no expectation of it being repaid - lending money to friends and family invariably turns out badly).

Alternatively, and potentially far easier all round - can she do the renovations piecemeal, as and when she is able to save up and afford each bit ?

Unfortunatelly she is not capable of saving up any money with the amount of pension she gets, another option I was thinking about is getting a money transfer credit card, but I don't know if I could get any decent amount with that option. Any ideas?

How much do you need?

Credit limits will be based on what the card company is comfortable offering and will depend on your income and any other financial commitments you have. Problem is you don't usually find out your credit limit until you make the application.

I will need about 10 - 15k, I don't think it's very likely to get a credit card with that kind of a limit.

TheSpectator

Highly unlikely to be honest. And you can usually only transfer 95% (max) of that limit as a money transfer.