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Borrowing for immigration againast equity

Borrowing for immigration againast equity

Old Jan 6th 2006, 10:41 am
  #1  
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Default Borrowing for immigration against equity

Hi.

We have just been told by both the Abbey and Direct Line that they would NOT be willing to provide us with a short-term loan to cover our larger immigration costs, until we sell our house. Bah humbug!

I asked the Abbey if we could borrow temporarily against the large amount of equity in our house and they told me that the underwriters wouldn't be happy with the idea of lending to someone who is emmigrating.

Has anyone else been in a similar situation and if so, how did they get around it?

Cheers.

Last edited by DunRoaminTheUK; Jan 6th 2006 at 10:46 am.
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Old Jan 6th 2006, 10:42 am
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Default Re: Borrowing for immigration againast equity

Originally Posted by DunRoaminTheUK
Hi.

We have just been told by both the Abbey and Direct Line that they would NOT be willing to provide us with a short-term loan to cover our larger immigration costs, until we sell our house. Bah humbug!

I asked the Abbey if we could borrow temporarily against the large amount of equity in our house and they told me that the underwriters wouldn't be happy with the idea of lending to someone who is emmigrating.

Has anyone else been in a similar situation and if so, how did they get around it?

Cheers.
We just said that we wanted to amalgamate all our credit cards and that we wanted to buy a new car
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Old Jan 6th 2006, 10:46 am
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Default Re: Borrowing for immigration against equity

Originally Posted by Anne4Terry
We just said that we wanted to amalgamate all our credit cards and that we wanted to buy a new car
So, I am a donut for telling them the real reason for borrowing? It did cross my mind to embelish the truth but doesn't that have serious implications?
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Old Jan 6th 2006, 10:54 am
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Default Re: Borrowing for immigration againast equity

I personally believe that not many people with loans ACTUALLY tell the truth when they obtain them!
I never have and I've had a few over the years!
So long as they get their money, they're happy.
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Old Jan 6th 2006, 11:00 am
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Default Re: Borrowing for immigration againast equity

Originally Posted by FluffyTheCampfireSlayer
I personally believe that not many people with loans ACTUALLY tell the truth when they obtain them!
I never have and I've had a few over the years!
So long as they get their money, they're happy.
Donut it is then
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Old Jan 6th 2006, 11:17 am
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Default Re: Borrowing for immigration against equity

Originally Posted by DunRoaminTheUK
Hi.

We have just been told by both the Abbey and Direct Line that they would NOT be willing to provide us with a short-term loan to cover our larger immigration costs, until we sell our house. Bah humbug!

I asked the Abbey if we could borrow temporarily against the large amount of equity in our house and they told me that the underwriters wouldn't be happy with the idea of lending to someone who is emmigrating.

Has anyone else been in a similar situation and if so, how did they get around it?

Cheers.
May be worth having a word with a mortgage broker to see what's on offer.
Remortgaging with another company could hold the aswer for you.

This thread may also give you a different angle on it or some ideas.....

http://britishexpats.com/forum/showthread.php?t=280955&highlight=bix+remortgage
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Old Jan 6th 2006, 11:31 am
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Default Re: Borrowing for immigration againast equity

What is ridiculous is that a bank or lending institution will lend you money to blow on a holiday or car etc - but if you tell them you want to borrow it to say invest in the stock market they'll tell you to go away!

Oh yeah - and in reply to original statement....
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