Borrowed deposit from credit union

[sloggi]

hey folks. i am a second time buyer, being bought out if 1st property so will have approx €40k as a result. My very understandable credit union is lending me the money for the deposit, which is approx €25000 on the understanding that i pay if off when the 1st property buy out is complete. I also have a car loan in the same credit union. these loans will effect my borrowing capacity big time and whilst the deposit loan is sorted and will cease being a libility probably before draw down of new mortgage, how do i "unethically" forget to mention the car loan when arranging mortgage. I have checked thanks to some other post on affiliated institutions to the ICB, and my credit union is not affiliated, but the lending institution will only have to look at my bank statements to see that there is a steady stream of money going out of my account to this credit union on a monthly basis!! any advice...apart from just saying 10 hail marys after submitting application and hoping the assessor is a bit green!!!!

 

[Esme]

I also have a loan in the credit union. What I did, was stop the direct debit going into the credit union and pay every week by cash! Therefore there is nothing on my bank statements saying i'm paying into a credit union.

Hope this helps.

 

[deem]

I have a credit union loan too, not as big as that and mortgage advisor told me not to pay it direct from bank, but at this stage, it would still be seen on bank statements unless you're prepared to wait. We had to give 6 months statements

 

[sloggi]

figured it'd wouldn't be too easy!!! not a major thing anyway as i'd be planning to pay off all loans from 1st property profit, just didn't want it to result in conditional approval from a lender!! thanks for help

 

[maxjam]

Not sure if this will apply. Im applying for mortgage with partner and have 9k loan for car. Im going to have it cleared but it will still be in existence when i apply for approval in principal. Lender told me to attach note stating the car will be paid off in advance of mortgage approval and they will treat the application as if car loan doesnt exist.

 

[sloggi]

cheers maxjam. same as that, they treat the application as if the loan doens't exsist for the purposes of doing the muliplication, but the approval will probably be cotingent on having car loan paid off and a letter from lender to say so! thats my understanding of what broker said!

on the matter of applications though.....my broker sent me out application to fill in, mother god its bad enough that i have to practically tell'em what i had for breakfast for the last 6 mths, but the application itself it a nightmare..like an aptitude test for your most desired job and you dont want to mess up!! do they go out of their way to make it as confusing as possible??