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renting with partner and credit history
aqueoushumour01
Posts: 1,687 Forumite
i've been looking for a house (FTB) with my partner for the last few months. it's looking increasingly likely that we will be moving into rented accommodation as the few houses we have liked are priced higher than what I am prepared to offer. Renting would be short term (about a year) and buying a house will remain on the agenda. I am the only one in a position to buy a house and it's my savings funding it.
I am aware that if i set up a joint bank account or obtain another form of credit, I will become financially linked to my partner. She doesn't have a very good credit history. Mine is very good. Does this also apply with rental agreements i.e. if we both sign a rental\tenancy agreement, do we become financially linked?? I am concerned that if this is the case, I will not be able to borrow on such good terms when we get back looking at houses to buy. Any ideas?
I am aware that if i set up a joint bank account or obtain another form of credit, I will become financially linked to my partner. She doesn't have a very good credit history. Mine is very good. Does this also apply with rental agreements i.e. if we both sign a rental\tenancy agreement, do we become financially linked?? I am concerned that if this is the case, I will not be able to borrow on such good terms when we get back looking at houses to buy. Any ideas?
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Comments
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anyone know?
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You will not become financially linked by renting with her but depending on the rental contract you would normally be jointly and severally liable for the rent. This means should she not pay her share the landlord could go after you for it. Then any actions the landlord took to recover unpaid rent may show up on your credit history.
I assume this may also apply if you put utilities bills in joint names.0 -
A rental agreement for a private tenancy is unlikely to create any link in itself. It's unlikely to be presented to credit reference agencies in any way shape or form.
The address link might have an effect, but I'm just guessing on that point.0 -
You wont become financially linked because of renting together. Even if the credit reference agencys got your new address for you both they dont have a right to link you financially. If you applied for credit or like you said a joint account yes they would.
And even if you are financially connected you have the ability to tell the credit reference agencys to remove this from your report by using a 'financial disassociation form'. Just because you maybe financially connected in their eyes you may keep your finances completely separate and you can get them to remove under this basis.
The form is on this link if you ever need it http://www.experian.co.uk/contactforms/consumer_onlinedisassociation.htmlEven a stopped clock tells the right time twice a day, and for once I'm inclined to believe Withnail is right. We are indeed drifting into the arena of the unwell.0
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