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Credit union loan/Mortgage

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  • 05-02-2006 1:23am
    #1
    sillysocks
    Registered Users Posts: 2,641 ✭✭✭


    I'm hoping to apply for my first mortgage in the next week or so and just want to clear something up. I've heard some contrasting stories about credit union loans and whether these should be disclosed on the application.

    As far as I understand the banks cannot view any loans that I have out with the credit union? If this is the case is there some major reason that I should declare my credit union loan on the mortgage application form? Obviously it will look better for the application if I don't disclose this but I also don't want to hide this if it will cause any problems/trouble.


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    #2
    Gryzor
    Registered Users Posts: 1,711 ✭✭✭Gryzor


    from oasis.ie
    Credit unions and credit history

    In 2004, the Board of the ICB agreed requests to give all credit unions in Ireland the option of becoming members of the ICB. This means that credit unions will, in time, be able to supply information regarding loans and repayments to the ICB. Credit union customers' consent will be required before information can be passed on. There is no fixed date for when the passing of information from credit unions to the ICB will begin.

    i haven't heard of them passing on any info yet anyway.....i borrowed my deposit from the credit union about 2 years ago, never declared it and had no problems.....just make sure you're in a position to make all the repayments.....not saying you can't but make sure you leave yourself room to maneuver, i had some unforseen expenses afterwards and found things pretty tight for a while....best of luck with the application..;)


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    #3
    CathyK
    Closed Accounts Posts: 12 ✭CathyK


    there are now a few Credit unions on the ICB, however if you save into the credit union from your bank account, then the bank you are appling to will spot payments going to the credit union, and will ask for an up to date statement from the credit union, however if you just go in every week and pay into yur account, assuming the credit union you use is not on on the ICB they will not know about your loan


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    #4
    sgarvan
    Registered Users Posts: 1,606 ✭✭✭sgarvan


    i just got a 92% mortgage approved recently and borrowed some of the difference from the credit union and have had no problems at all. i also have a car loan with the CU and didnt declare it all.

    If the CU is not on the ICB, say nothing


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    #5
    Carb
    Registered Users Posts: 831 ✭✭✭Carb


    My bank told me to take out a credit union loan to pay off the personal loan I had with them, to get my mortgage approved.


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