Financial link
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hodge263
Posts: 39 Forumite
Hi all,
My fiance and I have been saving to buy a house soon. I have a previous bankruptcy and repossession but he has a great credit history. We had considered getting a mortgage in his name only so that my history doesn't adversely affect him. However the mortgage advisor we have been dealing with thinks we may be accepted by Nationwide. My concern is that if we are declined will we then be financially linked or does this only happen when you actually open a joint account/Mortgage?
If we are declined together we would go back to the original plan of him applying on his own but I don't want to ruin his chances!
Thanks in advance,
Anna
My fiance and I have been saving to buy a house soon. I have a previous bankruptcy and repossession but he has a great credit history. We had considered getting a mortgage in his name only so that my history doesn't adversely affect him. However the mortgage advisor we have been dealing with thinks we may be accepted by Nationwide. My concern is that if we are declined will we then be financially linked or does this only happen when you actually open a joint account/Mortgage?
If we are declined together we would go back to the original plan of him applying on his own but I don't want to ruin his chances!
Thanks in advance,
Anna
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Comments
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Hi
A financial association is only made on your credit files when you actually hold a joint account or mortgage, not purely from attempting an application.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks very much for the quick response James much appreciated0
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Hi all,
My fiance and I have been saving to buy a house soon. I have a previous bankruptcy and repossession but he has a great credit history. We had considered getting a mortgage in his name only so that my history doesn't adversely affect him. However the mortgage advisor we have been dealing with thinks we may be accepted by Nationwide. My concern is that if we are declined will we then be financially linked or does this only happen when you actually open a joint account/Mortgage?
If we are declined together we would go back to the original plan of him applying on his own but I don't want to ruin his chances!
Thanks in advance,
Anna
If you've been living together you also need to ensure a utility or phone company hasn't created an illegal association. They are well-known for doing so.0 -
Thanks gingerbob. We currently live with my parents so don't have any utility bills in our names.0
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National_Debtline wrote: »Hi
A financial association is only made on your credit files when you actually hold a joint account or mortgage, not purely from attempting an application.
James
@natdebtline
this is incorrect a joint application would create a financial association0 -
Ah, now I'm very confused! Can anyone else shed any light on this please?0
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Ah, now I'm very confused! Can anyone else shed any light on this please?
have a look here https://help.creditexpert.co.uk/help/sv635/Credit_report/financial_associations0 -
Oh dear, would it be wise to avoid a joint application then? I'm scared of ruining my partner's chances of getting credit! I know there is a chance we may be accepted together but if we do get rejected we were relying on him then applying on his own. Surely once he is linked to me he will be refused?0
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It beggars belief. This from the Experian website:
Examples of a financial associate:
A person you have a joint credit card with
There is no such thing as a joint credit card. And yet, here we have the self-appointed custodians of your personal financial data thinking that there is. The website also states that two names on a utility account doesn't create a financial association. Well Experian, if this is true why do you let these companies create them?
As for a joint application creating an association, I must admit I didn't know about that scandal, but, according to Experian, yes it does.
Of course, from the above, it appears we can't rely on anything Experian says, which is not surprising since a large part of their business revolves around pedalling lies (bogus financial links, bogus address links, collection of financial records without consent, libellous credit data, etc etc.).
OP, perhaps you should ask Nationwide if they'll file a (bogus) association if, or when, you make a joint application.0 -
Thanks, I will ask the mortgage advisor to check with Nationwide before we decide what to do. I knew buying a house after bankruptcy would be stressful but it's far worse than I imagined! Spoken to three different advisors about various things and been given conflicting information from all of them.0
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