In any other world if you failed to disclose a material fact (such as a large loan) when applying for a mortgage, you would likely as not (especially today) be charged with criminal offence, which one,
Perhaps if there was a smell of assisting individuals in their immigration matters, which caused you to resign,
You would be unlikely to given a high powered European Union position,
and even less unlikely to given a Peerage and a Cabinet position,
However, never let it be said that Labour (new or otherwise) confirms to societal norms.