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Help Needed - Home owner loan

Hi really need your help. Me and my Husband have approx 60k equity in our house, we are wanting to take a home owner loan out for approx 10k. The problem is I took a loan out for my Sister a few years back it is being paid every month and she not missed a payment etc, but my Husband does not know I've done this.
Do I need to declare this to the bank when applying and if I dont will they find out that I have this loan?

Thanks for your help.

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Yes you need to declare, yes they will find out.

    Rather than a homeowner loan, there may be more cost effective options on a £10k loan value.

    What is your current mortgage and rate?

    What is the approximate value of your property?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I'd suggest an honest chat with hubby first.

    It will be on your credit file so any lender will find out about it.

    Non-disclousre would be likely to see your loan declined.
  • My current mortgage is 90k and 3.8% (I think) and approx value is 150K thanks any advice would be appreciated.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Then it is definitely worth considering remortgaging for a higher amount (the extra £10k) and then taking the entire mortgage on a new rate (probably lower)

    If you go to the same bank, they may well put you on a separate more expensive product.

    Be careful if you have Early Redemption Charges with your mortgage though.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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