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Can being guarantor on CU loan affect mortgage application

  • 04-10-2014 8:16am
    #1
    Msrob
    Registered Users, Registered Users 2 Posts: 62 ✭✭


    Hi I'm looking for a loan from credit union my other half has to go guarantor on it cos I'm in college, he Is applying for mortgage in December will this affect his application? He is getting the mortgage in his name only


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Msrob wrote: »
    Hi I'm looking for a loan from credit union my other half has to go guarantor on it cos I'm in college, he Is applying for mortgage in December will this affect his application? He is getting the mortgage in his name only

    I would recommend that he applies for a mortgage now as by going guarantor for your CU loan he would be responsible for repayments if you default. This could also hinder his chances of getting a CU loan in his name in the future until your loan is fully repaid and could tie up his savings CU until loan is repaid.


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Yes it will affect his application. If he applies for a mortgage now and gets approved, he's obliged to notify the lender if his financial circumstances change between approval being granted, and completion of the mortgage (ie he completes the purchase of the property). So if he applies for the mortgage now, and goes guarantor on your loan in a fortnight, he'll still have to tell the bank, and they will re-assess his application based on the new information. It may or may not affect the amount he's approved for, it would depend on the amount your loan is for.


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