# Getting a mortgage and credit union loans



## deesmith (16 Oct 2006)

Hi,

I was just wondering if anyone knows if a bank can find out (apart from you telling them) if you have a credit union loan. We have a credit union loan which we plan on clearing with a little extra taken out on a mortgage. Should I tell the bank our plan or does anyone know how that works??

Thanks!


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## Sarah W (16 Oct 2006)

All mortgage application forms specifically ask if you have any loans so you'd need to lie if you were not going to disclose it. Also your payslips and/or bank statements may well refer to CU payments. 

Sarah

www.rea.ie


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## Bambo (16 Oct 2006)

Like was said above, if your payslips or bank statements show a payment going to the CU they may ask about it and then you will have to show them a CU statement - otherwise they wont know. 

If you really are planning on clearing it with money borrowed in the mortgage I would just tell the bank.


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## ci1 (16 Oct 2006)

I pay my credit union loan by just going there every week. I cancelled the direct debit so it wouldn't show on my bank statements, I never declare it and they never ask...
C


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## Molly (16 Oct 2006)

> I never declare it and they never ask...


... any application for credit ,will require you to confirm if you have any other borrowings.. " they never ask" is incorrect.


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## deesmith (16 Oct 2006)

Ok great thanks everyone for your help. I think I will cancel the direct debit and if I am correct the bank will look for three months bank statements and payslips?


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## Kevin Brod (16 Oct 2006)

Most Lenders will look for 6 month current accounts. The majority of CU loans don't show up on a credit check, but there is the odd exception. Very large CU loans can pop up on credit checks but I think its actually dependant on the CU. 99% of them won't show up though. 

Just to be aware if you're buying a house, Lenders don't give you money to clear loans unless you're remortgaging/refinancing.


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## deesmith (17 Oct 2006)

We will actually be building so Kevin you would recommend just being up front with the bank and telling them our intentions?


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## demoivre (17 Oct 2006)

Credit unions registered with the ICB are on [broken link removed].


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## demoivre (17 Oct 2006)

Molly said:


> ... any application for credit ,will require you to confirm if you have any other borrowings.. " they never ask" is incorrect.



You're right but prior to 100% mortgages borrowing from credit unions for  deposits for houses was fairly commonplace and I would say that there wasn't an underwriter on the planet who didn't think that also .


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## ci1 (17 Oct 2006)

If its not showing on my bank statements or on any documentation that I'm completing to apply for loan etc. then I don't mention it. 
And I have never been questioned on it.
C.


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## deesmith (17 Oct 2006)

This is the first time I have ever used this site and I am very impressed with all the help I have received. Thanks everyone for all your advise and information. Thanks Demoivre for providing that list - thankfully the credit union is not included!


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## deesmith (17 Oct 2006)

After looking at the link that demoivre provided - you can actually request the details that the ICB have on file for me so I think I will order a copy to make sure the credit union is not on it. This maybe off help to someone else!


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## JohnJay (25 Oct 2006)

demoivre said:


> Credit unions registered with the ICB are on [broken link removed].


 

Oh! its a good job I didnt try to pull a scam so! My Credit Union is on this list! (I only have savings with them though!)


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