Remortgage question

[Tankrizzo]

Hi folks, quick remortgage legality question for you.

Hypothetically, someone is applying for a remortgage and wants to increase the amount they were borrowing - say by 50k. They tick all the declarations to say the additional is for home improvement. Ostensibly, to the lender, they are going to use the money for a house extension. In reality they intend to use the extra 50k to purchase land for their business, nothing to do with the home at all.

Is this fraudulent? How much of a horrendous idea is this? It's not me before anyone asks!

[Tankrizzo]

CDB1983 said:

What has it got to do with you? Do Their actions have an effect on your normal Daily life? If not why not go and do something useful?

99.9% of people who have got where they have got have lied at some point. If the people in question can afford the repayments whats the problem?

This is why I dislike Britain despite being British.

Jesus, slow down killer. It's one of my relatives and I want to make sure they're not getting themselves into a right hole.

[Tankrizzo]

Thanks for all your responses...I'll try and make sure the guy is totally clued up as to the potential consequences. His choice at the end of the day.