Nice try Stewart. But it would still show on your credit report as a loan. A "standard" check that takes just a couple of minutes.
I feel there are plenty of "workarounds" to be devised. But borrowings in your own name is just too easy to pin down.
Don't forget that the "usable" amount for any shortfall must be above £16000.
Also the amount above £16,000 must be divided by 2.5 (to reflect the 2.5 year or 30-month period before the applicant will have to make a further application) to give the amount which can actually be used for the application.
Lets say you had an income of £15600 (that £3000 shortfall) you'd need to show savings of £16000 plus 2.5x£3000 = £23500
That's quite an amount to borrow. A big risk in more ways than one.
I wonder if anyone earning £15600 would even be eligible for a loan of £23500
