I have a (very) small business that I run in my spare time. It's been going for about 10 months now, and I took out a small business loan when I started it. The loan is all up to date, no problems, and payments are taken each month from my business bank account.
Because the business is young, and not particularly profitable at the moment, I won't be declaring income from it towards my mortgage. I'm not sure whether I need to declare the loan or not? It doesn't show on my credit file (which I thought was odd), and the business is covering the payments nicely. But I don't want to fall foul for not declaring it! Out of curiosity, would the lender be aware of it if it isn't on my credit file? I know that's not the point, I just wonder about what other information sources the lenders have that we don't! Ha!
If the loan is in your business name then that is fine, however if the loan is in your personal name, then you need to declare it. If your application is referred to underwriting for further assessment, they may very well discover it as it isn't simply experian that they look at.
Thanks for the replies. I guess that's what I need to figure out - is it in my name or the business'? I've a feeling that it's me "trading as", but the fact that it doesn't show on any of the CRAs makes me wonder. It's annoying because it might be detrimental but I can't use the income from the business to offset it!