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Approaching bank to raise cash for visa

Approaching bank to raise cash for visa

Old Jul 2nd 2008, 9:31 pm
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Default 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?
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Old Jul 2nd 2008, 10:00 pm
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Default Re: Approaching bank to raise cash for visa

The bank needs never know what the exact purpose of the loan is...
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Old Jul 3rd 2008, 1:44 am
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Default Re: Approaching bank to raise cash for visa

Originally Posted by PaceSetter View Post
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?
If I was a bank manager (which I am not) I would be reluctant to lend someone money to help them leave the country !
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Old Jul 3rd 2008, 9:09 am
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Default Re: Approaching bank to raise cash for visa

Originally Posted by markallwood View Post
If I was a bank manager (which I am not) I would be reluctant to lend someone money to help them leave the country !
You obvious have not had neighbours like we did
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Old Jul 3rd 2008, 11:59 am
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Default Re: Approaching bank to raise cash for visa

Originally Posted by Geelong Gent View Post
You obvious have not had neighbours like we did
heh heh !!!
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Old Jul 3rd 2008, 12:54 pm
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Default Re: Approaching bank to raise cash for visa

Originally Posted by PaceSetter View Post
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?
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.......
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Old Jul 3rd 2008, 1:28 pm
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Default Re: Approaching bank to raise cash for visa

Originally Posted by Pollyana View Post
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.......
Really? I heard parking is free, telecom costs are voluntary 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.
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Old Jul 3rd 2008, 4:47 pm
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Default 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?
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Old Jul 3rd 2008, 6:25 pm
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Default 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.
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Old Jul 4th 2008, 12:49 am
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Default Re: Approaching bank to raise cash for visa

Originally Posted by PaceSetter View Post
Has anyone else been in a similar position and, if so, was your bank helpful or not?
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.

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Old Jul 4th 2008, 12:58 am
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Default Re: Approaching bank to raise cash for visa

Originally Posted by PaceSetter View Post
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?
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.
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