Am I right to be panicking?!

[tigwig]

My wonderful parents are going to my mortgage lender tomorrow to pay off what they think will be the whole mortgage after I am getting them the redemption figure in the morning. The problem is I secretly borrowed £15000 on the mortgage a few years back that they dont know about. I cant possible tell them but am worried sick that they will find out tomorrow. They are going into the branch and I imagine paying by cheque and presumably I will have to get the relevant details for them to do this. I will not be there. I am imagining them handing the cheque over and my dad asking for clarification that the mortgage is now clear. Can the staff say anything like this to them?

[Hopkirk]

You have got to tell them.

[craft1948]

Oh dear....................I'd own up.

[888sally888]

OMG you must tell them.

[237SJ]

Well the staff will tell them that their cheque hasn`t cleared the mortage but I would think they would be bound by the constraints of the Date Protection Act so wouldn`t be able to go into details as to why. It would be best if you came clean with them beforehand.

[tigwig]

I just cant. They will be so upset, angry and rightfully disappointed. It will be spoiling their pleasure of what they are doing too when they think it will be cleared and if I tell them it wont be.

[237SJ]

*Data*

[echokilo]

The bank can't disclose anything to anyone who is not the account holder ..... so they should not find out - however, it might be better to tell them. If the £15K was a further advance then it should be on it's own individual account account number. Technically you should be able to take a personal loan for the repayment amount of the £15k (whatever is remaining) and so that way you won't be lying in telling them the house is now debt free ................ a personal loan would only take 2/3 days to organise and although it might be more each month it will be repaid quicker and you can perhaps solve your problem. The new loan would be arranged by the time the bank write to you to tellyou the original main mortgage account has been cleared - so you can get confirmation of both being cleared.

[echokilo]

I can't stress enough - telling ANYONE other than the account holder about the status or remaining balance of an account would be a serious breach of the data protection act! Your bank CANNOT tell them - they should tell them the account holder will receive a statement showing confirmation of the amount received - and if your parents are paying by cheque them NOTHING is repaid until the cheque is cleared (3 days after the day it's banked)

[stokemaveric]

echokilo is 100% correct...but its morally right to tell your parents tigwig...

[katdarn79]

I wouldnt get a new loan as the interest will be more than your paying on the mortgage. I know its hard telling your parents, but i dont think you have a choice. Good luck!! xx

[Hopkirk]

Have you actually lied to your parents about it yet, or just not told the whole story?

If you haven't lied yet, but don't tell them now then you are going to have to lie soon.

Tell them. You might be surprised that they are not so bad about it.

[echokilo]

I agree it's morally right to tell them - but I understand that you worry they will be disappointed not to be clearing it all for you ..................... it's your call I guess ....... good luck with your decision

[Jan1957]

Surely the redemption figure will include the £15,000 so if you have told them a rough figure and not included the £15,000 in it they will know when the amount is higher than expected.

[parkie]

Honesty has to be the best policy here. Lies have a habit of catching up with you and the deeper you get into deceit the worse it will get.
You can always admit the loan and suggest to your parents that you will pay that part of it off if they pay the rest?

[Sir Alec]

There is no getting round this. Whether you like it or not, they have to know. Better from your lips than the mortgage lender. It is a crushing blow, I know, but they will forgive you. That's what parents do.

[tigwig]

Well I've bottled telling them I'm afraid. Got the figures from the lender for the part of mortgage that should be clearing it and worked out the penalties from that. The lender confirmed they they wouldnt even speak to anyone else apart from me and I have to pay it off myself so thats that. Still feel terrible though. :(

[DTCwordfan]

Honesty is the best route in the longer term....

[micmak]

Tig. If they think you are mortgage free how do you explain where the money is going?