Effect of Partner's credit rating

Sweetie_Pie_4

My partner and I have a joint mortgage, although other loan, insurances, bills are in my name only. We split up for 15 months (been together 20 yrs), and when we got back together again he had £l8,000's worth of debt - he used credit cards to pay credit cards!! He contacted CCC and for the last 15 months he has been paying £200 (Debt Management Plan) monthly without fail. We haven't checked his credit rating, but presume it will be very poor? The mortgage, my loan with Intelligent Finance and my 1 credit card are always paid each month, also bills etc, all by direct debit. This credit card is a Virgin 0% balance transfer (thanks to Martin) which I was able to get easily, so presume my credit rating is ok and debt in my own name at least is not affected by my partner's poor credit? However, I want to buy a car and improve the house. There is a lot of equity on the house (at least £100,000) and want to take out a loan for £10,000. Suspect, if I were to try to re-mortgage, I would be turned down because of my partner's credit rating? I could extend the loan with IF, but by far the cheapest option is to use my mortgage. I have considered changing the mortage to my name only (was in my name originally). Has anyone got any advice? I'm presuming the CCC arrangement would come up on partner's credit check and will still be poor even though he's paid each month for 15 months?

Many thanks for any help anyone can give.

OliveOyl_2

Not sure of all/any of the answers. But I'll give you a bump

But I would suggest getting your own credit file. (I believe your own search won't count as a search) Don't forget to go through Quidco, and get a free 3 month trial with Experiam and/or Equifax.

The information may reassure you, it may horrify you, but you'll know.

good luck anyway.

LilacPixie

here is a bump too.

One thing to note is including 10 in you mortgage will give you lower monthly payments but you will end up paying more in the long run.

thepinkladez_2

i cant answer this sorry but i thought id bump it for the morning people as you have slpped down to page 3!!

standupguy

I agree with Olive, first thing to do would be to get a copy of your credit file and see what comes up under joint financial connections.

Whilst adding to your mortgage would see a cheaper monthly repayment, bear in mind that you are borrowing on a depreciating asset - car- for the life of the re-mortgage and would end up paying substantially more interest in the long term than you would on a loan?