Do mortgage lenders find out how much I owe?

simmo77

I am about to apply for my first mortgage and I was wondering if mortgage lenders can find out how much I owe or what the monthly payments I make are.

The reason I ask is that a family member used my credit card to buy her car (£5000) and although it is officially my debt, it is not something I have to pay back as she is making the monthly payments.

I am just worried that this may mean the mortgage people thinking I already have too much debt and they won't lend me what I need.

mummytofour

Yes they will find out, it will show up on your credit report.

herbiesjp

As it is in your name it will be taken into account when agreeing a mortgage for you. Depending on your situation however, it may make little or no difference at all.

simmo77

thanks for the info, guess I'll just have to keep my fingers crossed.

dibbs26

I have applied for mortgages in the past and not mentioned my visa cards. They never even found out...don't worry.......silence best form of defence !!!

Xbigman

dibbs26 wrote:

I have applied for mortgages in the past and not mentioned my visa cards. They never even found out...don't worry.......silence best form of defence !!!

This is very dangerous. If you fill in a mortgage application and leave off some debts they will cancel the mortgage if you are caught. You can also incur hefty charges.
Regards



X

Debt_Free_Chick

dibbs26 wrote:

I have applied for mortgages in the past and not mentioned my visa cards. They never even found out...don't worry.......silence best form of defence !!!

It doesn't matter whether you mention them or not - they will see exactly ALL the lines of credit (debt) you have when they search your credit record.

And if you've not disclosed them on the application form they will also see that you've lied, as Xbigman states.

You are a silly-billy :eek:

Fairdo_2

As DFC states, you are best putting it in.

However, some Lenders actually ignore credit card debt, so that might help your situation.

Accord Mortgages ignore credit card and loan debt altogether.
Northern Rock ignore credit card debt only.

Therefore, get a Mortgage Broker, disclose it all and get the right Lender for your circumstances.

dibbs26

Debt_Free_Chick wrote:

It doesn't matter whether you mention them or not - they will see exactly ALL the lines of credit (debt) you have when they search your credit record.

And if you've not disclosed them on the application form they will also see that you've lied, as Xbigman states.

You are a silly-billy :eek:

Sorry 'not a silly billy' just being realistic. At the end of the day the onus is on the borrower to ensure they can afford the repayments, as is always mentioned when borrowing. Most of the time the more so called 'debt' you have on file the more you can obtain. Somehow I think by not mentioning a credit card debt (i.e. 2k approx for e.g.) is highly unlikely to get a mortgage refused.
If I had of mentioned it they would have probably put it on the mortgage andf then I would be paying a lot more interest.
As Martin says ' its all about being a savvy customer'.

Fairdo_2

Unfortunately, I would agree with DFC here, apart from calling someone a silly billy.

Deliberate non-disclosure is Fraud and with some Lenders, non-disclosure can amount to them refusing a mortgage. Whether a small credit card balance or large undisclosed loan.

They are cynical beggars and genuine oversights can make it hard to rescue a case, as some Lenders will see non-disclosure of a small amount enough to consider that you will lie about other bigger things. Therefore, they can be at liberty to refuse a loan outright.

Sounds a bit extreme, but it is a possibility.

Debt_Free_Chick

dibbs26 wrote:

Sorry 'not a silly billy' just being realistic. At the end of the day the onus is on the borrower to ensure they can afford the repayments, as is always mentioned when borrowing. Most of the time the more so called 'debt' you have on file the more you can obtain. Somehow I think by not mentioning a credit card debt (i.e. 2k approx for e.g.) is highly unlikely to get a mortgage refused.
If I had of mentioned it they would have probably put it on the mortgage andf then I would be paying a lot more interest.
As Martin says ' its all about being a savvy customer'.

But you signed a declaration on the Application Form which stated (something like) "I declare that the information on this form is complete & true".

And it's not as simple as borrowers ensuring that they have the means to pay. For goodness sake, look at the Debt-Free Wannabe board. Lenders have a duty to act responsibly too and, in general, they do.

I used the term "silly-billy" as a cheeky, jokey description .... but the reality is far more insulting. I'm sure you are in no doubt as to what I mean so I don't need to stoop so low as to spell it out.

Lying on a mortgage application form is mortgage fraud. People have gone to prison for it.

You might want to risk it - it's up to you - but for the benefit of other readers, it should be made clear that if you knowingly falsify information you provide on a mortgage application fraud, you are at risk of prosecution.

I think Martin should respond to your analogy with that of a Savvy Customer.

Regards