Help Needed - Home owner loan

lauren891

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.

Dave_Ham

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?

opinions4u

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.

lauren891

My current mortgage is 90k and 3.8% (I think) and approx value is 150K thanks any advice would be appreciated.

Dave_Ham

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.