Mortgage Application question

redeployee

Anyone out there know if someone who has a very good credit rating and has had previous mortgages, was to apply for a mortgage in their own name for a property to in all probability rent out, would their co-habitees debts which were run up at the address they currently live at be taken into consideration when the application goes for approval ?

Any assistance greatly appreciated

Robert_Sterling_3

If you are jointly and severally liable for the rent then I guess it would be taken into account.

redeployee

Thanks for that but I think that maybe I didn't explain the problem well enough.
My friend has a very good credit rating and has never had any debt problem and previously had joint mortgages at other properties. He has now moved in with his partner to a house which is rented in his partners name. He now wishes to purchase a property in his name and rent it out but is worried that due to the debts previously run up be his partner at the address that he is currently now staying at, that that will affect his mortgage application.
Does anyone know if that will be the case ?

koexelek

It used to be a problem if you lived at an address with bad debts ( which were nothing to do with you) but , thankfully, these days, the credit searching is more sophisticated, so an unlinked person at the same address with bad credit should not affect your chances

redeployee

koexelek wrote: »

It used to be a problem if you lived at an address with bad debts ( which were nothing to do with you) but , thankfully, these days, the credit searching is more sophisticated, so an unlinked person at the same address with bad credit should not affect your chances

Thanks for that

feisty1

redeployee wrote: »

Anyone out there know if someone who has a very good credit rating and has had previous mortgages, was to apply for a mortgage in their own name for a property to in all probability rent out, would their co-habitees debts which were run up at the address they currently live at be taken into consideration when the application goes for approval ?
Any assistance greatly appreciated

Would that mean yr friend no longer has a residential mortgage but they want to apply for a buy to let mortgage and still live in a rented property with their partner?

redeployee

feisty1 wrote: »

Would that mean yr friend no longer has a residential mortgage but they want to apply for a buy to let mortgage and still live in a rented property with their partner?

Yeah thats right

feisty1

hhmmm............ u may struggle to get a buy to let with no residential, some lenders allowed this pre crunch however now they're very few strict with criteria, some are saying you must already be a landlord, some have even reduced mortgages to 65% only.............

redeployee

Ok thanks I will let them know