Credit Union

L

loopydub

Guest
Hi There,

I want to borrow from the credit union on top of our savings for a deposit for a house, can you borrow twice or three times the amount?

Thanks in adance

L
 
There are no hard and fast rules as credit unions operate independently. If you have a good track record with the cu the two or three times your savings rule might not apply at all. Also you may have to leave some of your savings in the cu as security against the loan or contribute an amount to your savings as you repay the loan. You really should check what your own credit union will do for you.
 
I got a loan of 5x savings when we were renovating (2007), however I believe there has been some restrictions on CU loans in that they now have to be repaid within 5 years - will this affect the amount you want to borrow?
 
Not sure what cu's will offer loan wise tbh but just be aware that most credit unions now show up on the credit bureau which the lender will check before loan approval .... make sure you disclose the loan and also check that you still fit the banks criteria for the mortgage you need taking account of the new cu loan monthly repayments! CU's didn't show up on the credit bureau afew years ago and people were getting loans there to pay for the deposit but thats all changed now!
 
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