Will I get accepted for a mortgage

Bubbles10

I am wondering if someone would be able to give me some advice.

My partner and i are looking to get a mortgage in the next 6 months, however I have a personal loan (through Natwest) for £17500 which he is unaware of.

Two questions .....

1. Will having this loan mean I will get rejected on a mortgage application? I have always paid on time.

2. I know that I have to declare this on the mortgage application but could I do this without my partner knowing?

We are both in full time employment. And our combined salary is £58k and we have £20k so far in savings.

I would really appreciate any feedback or advice you are able to give me.

Thanks

kingstreet

Having a loan will impact on what you can borrow, not on the accept/decline decision.

You are unlikely to be able to do this without your partner knowing.

Bubbles10

Thanks for your advice.

I thought I might be able to speak with our mortgage advisor one a 1:1 and let them know about the loan without my partner knowing?

Based on the figures supplied do you know how much we would be able to get a mortgage for? I am currently paying £266 per month on my loan and my partner has a student loan (which is a little different I think?) which he pays £150 per month on that. Other than that we just have the normal outgoing, gas, elec, food, petrol etc.

ACG

I think it could be possible.

Personally i would speak to a broker, call them up arrange an appointment and explain to them you have a loan your partner does know about. Tell you will put it on an application but you do not want to mention it in your meeting.

Things like this have cropped up before for me.

The best one i had was for life insurance, have you had any STI's both people said no in the meeting. After the meeting BOTH called me up and told me the truth... Not the same as a mortgage but it is possible to keep these things hidden.

kingstreet

Student loans will be deducted just like your loan, from next month.

Two adults with £58k joint incomes, £416 per month credit commitments and no kids, childcare etc should be able to borrow upto £260k over 25 years or longer.

This will depend on choice of lender.

Bubbles10

Haha, not quite the same, but I see where you are coming from.

Thank you for your advice.

Would the loan not be on the mortgage application when both my partner and I sign? (Sorry I am not sure how these things work) or does the mortgage broker do this on our behalf?

justcat

I know this probably isn't what you want to hear but I think you need to tell your partner.

If you're going for a joint mortgage, you will have a financial association. And if you were to have any problems with that loan in the future (others can correct me if I am wrong), this could affect his credit,

It's best to be open with him.

As kingstreet implied, they will probably find out anyway, so best to tell him before you apply. He might see your bank statement when you hand it in and wonder what it is for. Anything really.

I hope this helps.

Bubbles10

Thank you Kingstreet

kingstreet

The loan would be on our factfind and the mortgage application.

After submitting the docs, we routinely forward copies of both to the client, with the final KFI, recommendation letter etc and we ask for them to be checked and accepted.

Our system logs receipt and the acceptance for compliance purposes.

I don't see you keeping this quiet for long.

ACG

If you want to keep it a secret it will be possible to do that if you go through a broker.
If you apply direct then you are both going to be sat in the appointment and the broker will probably submit it whilst your sat there.

Kingstreet - you could email a copy of the application to one of the clients. Thats your compliance sorted and the OP is happy as its not been disclosed to the partner.

Wozza85

You probably could get away with this if you went through a broker yes. But make sure your the one that handles the application, as in you either tell the broker the situation OR make sure you're the one the broker calls and updates on progress etc, and then you relay the messages to your partner.

How did you get a loan without him knowing in the first place? did he not realise sudden cash available?