We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Will I get accepted for a mortgage

Options
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
«13

Comments

  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • 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
    ACG Posts: 24,534 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • 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
    justcat Posts: 271 Forumite
    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.
  • Thank you Kingstreet
  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 24,534 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • Wozza85
    Wozza85 Posts: 128 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    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?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.