Declaring Credit Union Loans

[Quigley]

Was wondering does anybody declare their loans with a credit union when applying for a mortgage/loan with a "mainstream" financial insitution. I know it was done up to a couple of years ago and I know they will be gradually registering all credit unions with the ICB but just curious as to know whether its a "done thing"!

 

[CCOVICH]

Would declaring the loan put your application in jeopardy? If so, ask yourself whether borrowing could put you in financial distress-it could be argued that banks etc. look at your credit record for your own good (as well as theirs).

Also, if you don't declare it, and it doesn't show up on your ICB record, if you making repayments by DD or SO, the underwriters may query what they are for.

 

[kkontour]

Also, as long as everything is in order, it can show that you are able and willing to pay back a loan. A good credit history.

 

[Hel_n]

Also, as long as everything is in order, it can show that you are able and willing to pay back a loan. A good credit history.


Mortgage approval isn't based on good credit rating but by allowing a percentage of your net disposable income to service all loans. Any short term loans will reduce the amount of a mortgage that you qualify for

 

[CCOVICH]

This is essentially a duplicate of this thread.

Thread locked.