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Apply for a personal loan before mortgage drawn down

  • 15-07-2010 2:58pm
    #1
    higgmac
    Closed Accounts Posts: 2 ✭


    Hi All,

    This is my first time posting on Boards. I really hope I am not in the wrong place and apologies if I am. I need some advice on taking out a credit union loan.

    The thing is I have just been fully approved for a mortgage with EBS on an affordable property. The contracts will be exchanged in approx 2 weeks. In order to get full approval I had to get my mam to pay off €10k of a car loan. (I know a lot of you will be thinking I should not be going for a mortgage if I hadnt that amount paid off but the thing is I am renting for €1k a month and mortgage will only be 550)

    I really need to pay my mam back asap as I know she needs the money but of course will not say it. Could I get it off my Credit union without the bank finding out? The credit union is part of the ICB. Would I be wise taking out the loan before everything is wrapped up in case it ruins everything?

    I know there was a thread on this about 2 years back but I am wondering if anyone has any recent experience as they are looking over everything now with a fine tooth comb!

    Any advice, opinions or ideas would be greatly appreciated. Thanks a million


Comments

  • #2
    am i bovvered
    Registered Users, Registered Users 2 Posts: 1,102 ✭✭✭am i bovvered


    how about giving her the 450/month you will save on the rent, along with a bit extra.


  • #3
    higgmac
    Closed Accounts Posts: 2 ✭higgmac


    Hi, thanks for the reply.
    That would seem like an ideal solution but when I offered her this option she took a notion that I would be ripping her off somehow! She's not really up to date with things and unless she gets the 10k in a cheque she will always think that I owe her money! I really dont think irish families and money (my family anyway) mix well together :(


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    If you take a loan out before you draw down your mortgage, you will have to advise your mortgage provider of your change in circumstance.

    If your mum won't agree to €450 per month, then you could always put the money aside in a savings account until you have the 10k and then give it to her in one go.


    I'm locking this thread now, because it is attracting responses advising the OP not to disclose the loan. Making a false declaration on a loan/mortgage application is fraud, and advising someone to do so is against the forum charter.


This discussion has been closed.
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