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    • Andy23zx
    • By Andy23zx 16th Apr 18, 7:21 PM
    • 1Posts
    • 0Thanks
    Loan to buy property abroad
    • #1
    • 16th Apr 18, 7:21 PM
    Loan to buy property abroad 16th Apr 18 at 7:21 PM
    Just about to take a loan to buy an apartment abroad. The bank gives me with good APR 3% as I am satisfied. But they say that I can not buy property with this loan. But I can spend money wherever I want. Can they track them down or else I'll spend money?
    For example: I am borrowing money for holidays but i will buy an apartment
    And what would happen if I did?
Page 1
    • zx81
    • By zx81 16th Apr 18, 7:27 PM
    • 18,059 Posts
    • 19,275 Thanks
    • #2
    • 16th Apr 18, 7:27 PM
    • #2
    • 16th Apr 18, 7:27 PM
    Potential fraud case.
    • jonesMUFCforever
    • By jonesMUFCforever 16th Apr 18, 7:45 PM
    • 25,075 Posts
    • 12,331 Thanks
    • #3
    • 16th Apr 18, 7:45 PM
    • #3
    • 16th Apr 18, 7:45 PM
    If you have stated the reason as purchasing a property abroad the loan will be declined.
    If you state another reason for the loan then go ahead with the original reason then post #2 is spot on.
    What goes around - comes around
    give lots and you will always receive lots
    • bris
    • By bris 16th Apr 18, 11:49 PM
    • 7,795 Posts
    • 6,778 Thanks
    • #4
    • 16th Apr 18, 11:49 PM
    • #4
    • 16th Apr 18, 11:49 PM
    It will never be a problem as they don't come knocking on your door to see what you bought.

    You will only ever get caught if you default on the loan, even then there is a slim chance they will be able to do anything about it as you can just say it wasn't used for that.
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