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What loans do you have to disclose when going for a mortgage?

  • 30-05-2017 7:37am
    #1
    crxsi09
    Registered Users, Registered Users 2 Posts: 252 ✭✭


    Hi all,
    just wondering do you legally have to disclose all loans when going to a mortgage lender? Example if u didn't mention your credit union loan? Or would they see it in a credit check they would do anyway, coming out of you account.?


Comments

  • #2
    leonards
    Registered Users, Registered Users 2 Posts: 256 ✭✭leonards


    The run a credit check and would see the credit union loan... any other loans, hire purchase agreements etc in your name.


  • #3
    mickoneill31
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭mickoneill31


    And they'll see the repayments coming out of your account on your latest statements and ask you about it if you haven't already told them about it.


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


    You have to disclose all loans. There's a section that you sign on the mortgage application stating that all the information you have provided is true and accurate. Most CUs are on the ICB now anyway, so if you don't declare the loan and they discover it during the credit check (they will) you won't be able to progress with the application.


  • #5
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    They follow every cent to where it ends up. We deduct a 25 euro a month to a CU accounts for kids and didn't show that and had to get them statements before we could progress the days of hiding CU loans are long gone.


  • #6
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,361 Mod ✭✭✭✭Gumbo


    Sounds like you may have planning issues on this site also OP.
    Id get a Survey done before handing over any cash.


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  • #7
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    crxsi09 wrote:
    Hi all, just wondering do you legally have to disclose all loans when going to a mortgage lender? Example if u didn't mention your credit union loan? Or would they see it in a credit check they would do anyway, coming out of you account.?


    Haave to tell them everything. What type of jam you have on your morning toast as Well. You get caught out lying it could go massively against you


  • #8
    Alf Stewart.
    Closed Accounts Posts: 4,789 ✭✭✭Alf Stewart.


    As someone who recently availed of a new mortgage, I can confirm that nothing is hidden from the banks.

    I have a credit card with a different bank , and because I haven't used it since 09, I thought it not worth mentioning, but they came back. Told me they could see I had access to a credit card, and still wanted statements to prove I didn't owe any monies on it. (which isn't easy with a zero balance)

    They settled for a letter from the finance crowd, stating I had a zero balance in the end.

    Had to produce 6 months banking statements, credit card statements, credit union account, savings, etc etc.

    I even got asked "why are revenue deducting money from your personal account each month" (LPT)

    You basically have to lay your financial life out on the floor for them.

    In short, disclose everything, because they'll end up discovering it anyway.


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