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  • FIRST POST
    • Barclaay
    • By Barclaay 15th May 18, 8:09 PM
    • 5Posts
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    Barclaay
    Someone help please
    • #1
    • 15th May 18, 8:09 PM
    Someone help please 15th May 18 at 8:09 PM
    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!
Page 1
    • ACG
    • By ACG 15th May 18, 8:23 PM
    • 17,500 Posts
    • 9,312 Thanks
    ACG
    • #2
    • 15th May 18, 8:23 PM
    • #2
    • 15th May 18, 8:23 PM
    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?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Barclaay
    • By Barclaay 15th May 18, 8:26 PM
    • 5 Posts
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    Barclaay
    • #3
    • 15th May 18, 8:26 PM
    • #3
    • 15th May 18, 8:26 PM
    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
    • By Noobie2011 15th May 18, 8:34 PM
    • 272 Posts
    • 50 Thanks
    Noobie2011
    • #4
    • 15th May 18, 8:34 PM
    • #4
    • 15th May 18, 8:34 PM
    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?
    Originally posted by Barclaay
    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
    • By Barclaay 15th May 18, 8:38 PM
    • 5 Posts
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    Barclaay
    • #5
    • 15th May 18, 8:38 PM
    • #5
    • 15th May 18, 8:38 PM
    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
    • By Barclaay 15th May 18, 8:40 PM
    • 5 Posts
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    Barclaay
    • #6
    • 15th May 18, 8:40 PM
    • #6
    • 15th May 18, 8:40 PM
    Also they have already seen the proof and I rang the bank today to clarify this...
    • Noobie2011
    • By Noobie2011 15th May 18, 8:49 PM
    • 272 Posts
    • 50 Thanks
    Noobie2011
    • #7
    • 15th May 18, 8:49 PM
    • #7
    • 15th May 18, 8:49 PM
    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?
    Originally posted by Barclaay
    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
    • zx81
    • By zx81 15th May 18, 8:52 PM
    • 18,617 Posts
    • 19,870 Thanks
    zx81
    • #8
    • 15th May 18, 8:52 PM
    • #8
    • 15th May 18, 8:52 PM
    Bear in mind that the chances of getting a loan so quickly after moving may be very low.
    • Barclaay
    • By Barclaay 15th May 18, 9:01 PM
    • 5 Posts
    • 0 Thanks
    Barclaay
    • #9
    • 15th May 18, 9:01 PM
    • #9
    • 15th May 18, 9:01 PM
    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
    • By AnotherJoe 15th May 18, 10:28 PM
    • 10,604 Posts
    • 12,136 Thanks
    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
    • By John-K 15th May 18, 10:39 PM
    • 654 Posts
    • 1,023 Thanks
    John-K
    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?
    Originally posted by Barclaay
    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.

    Iím not sure how you think that it would not be.
    • mortgageFTB
    • By mortgageFTB 16th May 18, 7:23 AM
    • 114 Posts
    • 102 Thanks
    mortgageFTB
    +1, this is mortgage fraud.

    All mortgage company/banks ask for any loan information and commuted spending during the application and you have not declared it.
    • AnotherJoe
    • By AnotherJoe 16th May 18, 8:07 AM
    • 10,604 Posts
    • 12,136 Thanks
    AnotherJoe
    P.s. if you call the bank, the most likely action is they will cancel your mortgage. So don't do that.
    • ACG
    • By ACG 16th May 18, 9:11 AM
    • 17,500 Posts
    • 9,312 Thanks
    ACG
    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?
    Originally posted by Barclaay
    Lenders do not ask about "official loans", they ask about loans.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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