remortgage and credit union loans

i have a credit union loan and i wish to remortgage my home just for example .. under 50,000 euro .just enough to clear my credit union loan and get some home improvements done . my question is ..do i let the banks know about my credit union loan ..or should i keep quiet about it ? or will they know about it anyway ? i'm afraid they will refuse me .

You will have to complete a mortgage application form listing your current loans. You will also need to sign a declaration stating the information continued in the application form is true.

If you want to lie on the application form, make sure there are no direct debits going from your bank account to the credit union. If the credit union is on the Irish Credit Bureau then the bank will see it.

Honesty is the best policy, if they refuse you because of the loan then maybe you should not be taking on extra debt for the home improvements.

thanks for the advice. don't know what to do...

why not approach your credit union for the loan if you think the bank would refuse you?

Or try the bank first (telling them about the credit union loan ) and then if they refuse, try the CU.

I think CU rates are sometimes not as good as banks, check this out.

i don't think the cu would lend me that ammount plus the rates are better with the bank . i guess i'll have to let the bank know and take my chances

If there are no direct debits coming out of your bank a/c for the cu loan then log on to the icb website - www.icb.ie - and see if the credit union you took the loan out with is listed a member or if their membership is in progress. If your cu's name doesn't appear and no dds are coming out of your bank a/c for the cu loan then take a chance and say nothing I'd say.