Question about loans?

Question

I took a £10,000 loan out 2 ½ years ago. I have another 2 ½ years to go before I pay it all back. My husband wants to get out a £30,000 loan and put both our names on the it. He doesn’t know that I already have an existing loan and I don’t want to tell him. If I put my name down for the £30k loan and don’t declare that I already have an existing loan will the building society do a search and see that I already have a loan and refuse us a loan or tell my husband about it? I can’t let him know about it.

Answer 1

I don't know how it works where you are, but in the U.S. if you have both names on the application they will do a check to see what loans are already existing, and your loan will surely show up. Sorry, I know that's not the answer you were looking for.:(

Answer 2

If you complete an application form, the lender has small print saying full disclosure of material facts is required. Most lenders do searches routinely but only react when there is a poor history (missed payments) If your loan is up to date and has not been in arrears and provided you can afford the new loan along with the existing loan, shouldn't be a problem. The liklihood is that somehow sometime he will find out about it but that's not a financial question.

Answer 3

I hate to say it, but you have to realize that keeping something that big from your husband is a very bad idea. He will probably find out eventually. You should just come clean, then youc an apply for the new loan together without any problems.

Answer 4

Sit your husband down now and tell him. The chances of him finding out because of the second loan are very high

Answer 5

This is an easy way to get the government to meet your housing requirements for the next few years.
It's illegal.

Answer 6

If he is legally married to you then credit will be checked on both of you. It is not as black and white as you might think.