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Do i need to Declare credit card debts even if I have a good credit rating
Jessruth
Posts: 1 Newbie
Hi
I am currently looking at moving with my partner to a bigger property with a bigger mortgage, however I have 2 credits cards with approximately £5000 combined, which he isn't aware of. Will I need to declare these credit cards when i apply for a joint mortgage, even thought I have an excellent credit score on experian and I will still be able to make regular payment?
I need your advise please
I am currently looking at moving with my partner to a bigger property with a bigger mortgage, however I have 2 credits cards with approximately £5000 combined, which he isn't aware of. Will I need to declare these credit cards when i apply for a joint mortgage, even thought I have an excellent credit score on experian and I will still be able to make regular payment?
I need your advise please
0
Comments
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They will appear on a credit search. Your score doesn't mean anything as a lender does a more indepth search, the score means nothing to them.0
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You will need to answer truthfully any questions asked on the application form. Not to do so is considered fraud.
Mortgage lenders will access data for all your credit history.
So there's no getting round declaring the debt in the first place.
Time to speak to your partner perhaps.....0 -
I don't think the OP will need to tell their partner, just be honest on the application. If their credit file is the reason for any decline then the partner may ask some awkward questions but i can't see the lender saying what caused the decline.0
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I don't think the OP will need to tell their partner, just be honest on the application. If their credit file is the reason for any decline then the partner may ask some awkward questions but i can't see the lender saying what caused the decline.
Hiding debts from a partner probably isn't the best way to start sharing a mortgage....0 -
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Forget whether you should tell the mortgage company....Tell your partner! Maybe if you tell them now they will be cool with it. If they find out on their own it could seriously effect your relationship.0
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Your partner is about to enter a joint financial commitment with you and has a right to know; have the chat!What will your verse be?
R.I.P Robin Williams.0
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