Borrowing request hits brick wall?Make Text Bigger
After some advice, as have been a bit naive and hit a brick wall. I am looking to borrow more money against a property which has some equity in it, but is not due for remortgage yet.
My thinking is that I’d like to have some money available should an opportunity come up to invest and if I can’t find anything that I have additional money in case I need it as a liquidity buffer. I would invest the money in peer-to-peer to help cover the interest.
However, having applied I have been asked for the mortgage offer on a property I haven’t found yet. I’d appreciate people’s thoughts on whether I should reapply for a different use and if so what’s acceptable i.e could I say I would put the money in peer-to-peer? Or that I would spend it on property repairs?
I don’t see the point in continuing on the basis of a property investment until I find a place to buy as I’d incur survey fees etc.
However, I’d really like to hold the money rather than the bank having my equity particularly as interest rates look like they will rise.
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