Mortgage application - lie about credit cards?

royal_flush

Looking for some advice here, I'm about to move house, and want to get a £130,000 mortgage to go with a £30,000 deposit based on a £35k salary.

No problem there, as most lenders are ok with that, but according to most online calculators if I admit to my £5000 credit card debt (very much under control whilst I play the tart game) then all the keenly priced companies say I can't have the full amount.

Does anyone know what would happen if I just didn't mention this debt? Are mortgage companies able to find out about it as part of the credit check?

Thanks for any help.

inmypocketnottheirs

Oh yes, oh yes, oh yes! They certainly would find out about the debts. Any credit search will show up your cerdit cards, how long you have had them, what the balances are and what your payment history has been.

Not a good idea to try and mislead.

Hope this helps.

AndrewSmith

If you dont declare it and they find it (which they will) your application is likely to be declined, irrelavent of you credit score or record.

Remember that the lender has no obligation to lend money to anyone, and they reserve the right to decline any application for any reason.

Andy

MortgageMamma

I had a client who did exactly this and the nationwide found out, the natiowide asked my client for a letter explaining why he missed the debt off the application. turned out his wife didn't know about it and the nationwide just accepted that and completed the mortgage. I know not every lender does this from experience, but I was quite suprised at how laid back the nationwide were about it, particularly as the man stooped so low to lie to his wife

kinster_2

Sometimes on the application there is a tick box where you state "pay full amount off each month"

YorkshireBoy

It is quite possible that you could finish up with a CIFAS* marker on your credit file, meaning you would find it very difficult, if not impossible, to continue with your 'play the tart game'.


* Check out https://www.cifas.org.uk & the Experian/Equifax websites for further information.

Ian_W

MortgageMamma wrote: particularly as the man stooped so low to lie to his wife

That's very, very naughty indeed!

But 'er indoors finding out _pale_

patchman

Accord mortgages don't take unsecured debts into account, take a look here http://www.accordmortgages.com/documents/ACCM0081_lending_criteria_guide.pdf

herbiesjp

As has been posted previously - be as up front as possible.

There will be lenders that could still look at this for you even with the £5k card - a good broker knows lender's criteria very well and will be able to place the mortgage for you.

royal_flush

Thanks all for the advice. I was suspecting that I'd better be honest, I was just getting a bit worried that I might not be able to get a competative rate. Time to go and get some proper advice I suppose....