Getting a mortgage and credit union loans

D

deesmith

Registered User
Messages
47
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!
 
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
 
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.
 
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
 
I never declare it and they never ask...
Click to expand...
... any application for credit ,will require you to confirm if you have any other borrowings.. " they never ask" is incorrect.
 
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?
 
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.
 
We will actually be building so Kevin you would recommend just being up front with the bank and telling them our intentions?
 
Molly said:
... any application for credit ,will require you to confirm if you have any other borrowings.. " they never ask" is incorrect.
Click to expand...

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 :D.
 
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.
 
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!
 
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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