Approaching bank to raise cash for visa
 

Hi, I would be very interested to hear from anyone who has approached their UK bank (or building society) for a loan/additional mortgage advance to fund visa fees.

In our case it's the CPV, which is rather expensive for a couple.

We don't need the full amount, but a substantial percentage of it.

What has been your bank's reaction to this type of application?

Re: Approaching bank to raise cash for visa
 

The bank needs never know what the exact purpose of the loan is...

Re: Approaching bank to raise cash for visa
 

If I was a bank manager (which I am not) I would be reluctant to lend someone money to help them leave the country !

Re: Approaching bank to raise cash for visa
 

You obvious have not had neighbours like we did:rofl:

Re: Approaching bank to raise cash for visa
 

heh heh !!!

Re: Approaching bank to raise cash for visa
 

To be honest, if you have to borrow the money for the application, are you sure you can afford to start a whole new life in a fresh country? Its not cheap here you know.......

Re: Approaching bank to raise cash for visa
 

Really? I heard parking is free, telecom costs are voluntary:D and you can use other peoples credit cards for overseas joints;)


But seriously OP it is expensive and taking out debt just to get here is going to make an already difficult process more so.

Re: Approaching bank to raise cash for visa
 

Perhaps I should explain our situation a little further....

We have a relatively large amount of equity in our house (easily enough to pay for the CPV), even in the current housing market. However, we don't have enough cash for the full amount (perhaps 50% or so).

Has anyone else been in a similar position and, if so, was your bank helpful or not?

Re: Approaching bank to raise cash for visa
 

Your bank/lender does not need to know specifically what you are going to spend your loan on.

Re: Approaching bank to raise cash for visa
 

Why do you feel the need to tell your bank what the loan is for?

As others have said: no need to tell them what it is for. It's been years since I took out a personal loan so I don't know if the forms have a line where you have to state the purpose of the loan. But if there is such a line, say it's for a car.

Gina

Re: Approaching bank to raise cash for visa
 

Approach the bank unofficially, explaining the circumstances and the purpose of the loan. They'll be able to give you a fairly clear indication as to how a formal application would be viewed should you choose to make one. However, if they reply in the negative, its going to be difficult to then convince them that you've changed your plan and are in fact after a new Ford Fiesta . . or double glazing.