Partner has poor credit rating...?

jawa1

Partner has poor credit rating, missed CC payments etc and not on electoral roll yet.

I am selling the current house and buying another together.

I can get the mortgage by myself but we want it as a joint mortgage. Will my partner’s poor credit rating have a negative effect on us getting a mortgage together even though I can easily get the mortgage on my own?

If we apply together and get turned down will it affect me just applying by myself?

Leon_W

Sometimes yes, sometimes no, depends on the lender and the size of deposit.

Lenders credit scoring models set the hurdles slightly lower the larger the deposit. So therefore, I would say, that if the deposit is pretty good then I can't see the harm in applying for the mortgage together. Just be mindfull of the fact that if a lender does a credit check this will automatically create an "association" between yourself and partner on your file.

These days it should not impact to much on your own credit record.

Best of luck.

herbiesjp

Have you got a copy of your credit files from Equifax or Experian.

Depending on the actual details, you may well be ok with high street lenders.

However, should the "bad" history take you outside of normal rates it will mean that adverse rates will be applied to the joint application

I owuld suggest having a word with a fee free whole of market adviser, and let them do some research whether you OH history will mean higher rates. If so, you may want to consider a sole mortgage application

HTH

jawa1

Not got the latest credit files, waiting for her final loan to be paid of by the end of the year.
Will have between a 40% and 50% deposit.