Loans that don’t appear on your Credit Report

MEM62

DMc222 wrote: »

I’m aware hence why I plan on being debt free before applying for the mortgage

That would absolutely be the best situation for you to put yourself in.

However, you post indicates an intention to conceal the debt rather than get rid of it. That would not put you in such a good position.

JimmyTheWig

MEM62 wrote: »

That would absolutely be the best situation for you to put yourself in.

However, you post indicates an intention to conceal the debt rather than get rid of it. That would not put you in such a good position.

The way I read it, they are hoping to apply for a mortgage soon after becoming debt free. They think that credit files showing they've been debt free for 2 years would show them in a better light than credit files showing they've been debt free for 2 months.

MEM62

JimmyTheWig wrote: »

The way I read it, they are hoping to apply for a mortgage soon after becoming debt free. They think that credit files showing they've been debt free for 2 years would show them in a better light than credit files showing they've been debt free for 2 months.

You could be right. However, as long as the debt is clear it will not impact affordability whether it was cleared two months ago or two years ago. It just needs to be paid off at the time of the application. Therefore, as there is absolutely not point in concealing the debt for the previous two years, there must be another reason for the OP's desire for the debt not to show on his credit history. One possible reason is that the debt may still be there when the mortgage is applied for.

Davy_Jones_II

There are a few places that you can get loans that are not reported, but the terms tend to be onerous, opaque, and subject to amendment without notice.

If you’ve any local authority housing estates with their own pub then the bar staff or manager can probably point you in the right direction.

I definitely wouldn’t recommend this route, but it does answer the question asked.

JimmyTheWig

MEM62 wrote: »

You could be right. However, as long as the debt is clear it will not impact affordability whether it was cleared two months ago or two years ago. It just needs to be paid off at the time of the application. Therefore, as there is absolutely not point in concealing the debt for the previous two years, there must be another reason for the OP's desire for the debt not to show on his credit history. One possible reason is that the debt may still be there when the mortgage is applied for.

Hanlon's razor - "Never attribute to malice that which is adequately explained by stupidity". My thinking is that the OP believes having the debt only cleared recently would cause him problems.
Though you may well be right that mortgage fraud is his aim...

MEM62

JimmyTheWig wrote: »

Hanlon's razor - "Never attribute to malice that which is adequately explained by stupidity".

Brilliant! I am going to remember that one.