Loan Application

sufcfan1

Hi There,

Hoping some nice people out there have some experiance of something similar.

I am currently going through the process of checking my credit reports prior to applying for a loan.

It has come back that i am financially linked to my partner through our joint lease on our flat. Normally that wouldnt be a problem, but her credit history is not the best to put it lightly.

So is it possible to have this association removed, or is it there for life, and is it likely to have a negative impact on any application?

Thanks for any help.

KingElvis

Yes, her shonky credit will have a bad effect on yours.

The joint lease will have created a finacial association between you and it may be hard to get this removed if you both signed the lease.

Cash_Flow

sufcfan1 wrote: »

Hi There,

Hoping some nice people out there have some experiance of something similar.

I am currently going through the process of checking my credit reports prior to applying for a loan.

It has come back that i am financially linked to my partner through our joint lease on our flat. Normally that wouldnt be a problem, but her credit history is not the best to put it lightly.

So is it possible to have this association removed, or is it there for life, and is it likely to have a negative impact on any application?

Thanks for any help.

In order for the association to be removed you need to file a notice of dissociation with all the credit reference agencies.

I am a little surpised that your flat lease has created a financial link between you and your partner, I rent a house with my partner but have no financial link.

sufcfan1

I was a bit surprised too, have signed joint leases before and never had this happen!!

I'll get on to them about the notice of dissociation.

Thanks.

Burly_Ken

If its a joint leasehold then you are financially linked in that you both jointly own an asset, the flat. If you have a joint mortgage then the mortgage provider will have alerted the CRAs.

It is not just a question of whether have any joint credit / debts but also if you have any financial association with your partner - which of course you do - the flat.

sufcfan1

Its not our asset though, it is only a rental flat.

KingElvis

sufcfan1 wrote: »

Its not our asset though, it is only a rental flat.

In my reply I assumed leasehold, if it's only a rental you should be able to disassociate yourself and get free of her less than perfect credit rating.

Burly_Ken

KingElvis wrote: »

In my reply I assumed leasehold, if it's only a rental you should be able to disassociate yourself and get free of her less than perfect credit rating.

absolutely.

sufcfan1

Thanks for your help.

I'm already on to getting this removed as soon as possible.