Partners mortgage application declined on the basis of association??

Mishi15

Please please can somebody offer some light on my situation.

As the title of this post states my partners mortgage application has been declined on the basis of his 'association' with me. My credit history is less than desirable as a result of multiple moves whilst studying and loosing track of finances - all of which have been settled but are showing as defaults on my credit history.

My partner has the best possible credit history with no missed/late payments etc. He has had a mortgage with Nationwide for the past 4 years and the current outstanding balance is £43,000. He has recently accepted an offer of sale on his current house for £118,000. The remaining equity (£75,000) is to be put into a deposit for his new house to the value of £179,000.

We have no joint finances/accounts etc and I am not financially dependent on him. We provided a letter to Nationwide upon their request confirming this and on the basis of his sole application he has been declined due to his 'association' with me. His parents have not only provided written proof to Nationwide of their plan to offer him an unconditional parental gift, but expressed their commitment to being a guarantor. However, they are stating the financial side of it is not an issue it is infact his relationship with myself.

He has written a letter of complaint in the hope they will reconsider his application but other than this we do not know what to do??

I appreciate the link between us as a couple but we are independent of one another and the reality of the situation is that my defaults are not going away anytime soon.

Any advice would be greatly appreciated as I am devestated my mistakes are having an adverse effect on him.

Thanks

M

ACG

I had an application for myself turned down because of association....i was annoyed to $$$$.

I was in a similar position in that i had cut all ties, nothing to do with the other person what so ever i wasnt even moving in with them and they still declined me. That doesnt really help, but you can ask to be un associated (if thats the correct term) with the credit agencies, and then re-apply in a few months. Alternatively see if you can find a lender who wont be too fussed about it.

Mishi15

Thanks for your reply.

He has found a buyer for this house and his offer on a new one has been accepted, also he has put money into solictors etc so leaving it for a few months is not really an option he wants to take.

Other than us being a couple we are not financially associated by bills/loans etc so I was unaware that a credit agency would need to be informed so I think I might have to follow that one up with them. How would I go about doing that??

Are there lenders out there who would be willing to accept his application?? he went with Nationwide on the basis that his current mortgage is with them but he is concerned as am I that going to too many will have a detrimental effect on his credit rating.

M

Thrugelmir

Mishi15 wrote: »

He has written a letter of complaint in the hope they will reconsider his application but other than this we do not know what to do??

Try another lender.

There's no obligation on behalf of a lender to offer a mortgage. The lender can set the rules as they wish. In the current economic environment this is increasingly stringent.

ACG

I dont know of any, best bet is to get a mrotgage advisor. Pay them the fee and they will find someone who will accept it.

ManAtHome

Get a copy of your records from Equifax/Experian - you should only be 'associated' through some form of credit agreement (not just living in the same house).

You can apply for a Notice of Disassociation (NoD) - this is more usually needed after a break-up when you've cleared all outstanding joint credit agreements. Bit of guff from Equifax (should be a similar process for Experian) https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_cpo_faq

Mishi15

He has a mortgage adviser who is dealing with this and advised him to write a letter of complaint to the lender as in his opinion my partner is being penalised on the basis of a personal relationship with myself. The option to look at other lenders is a possibility, we shouldnt give up hope yet I guess.

M

Mishi15

ManAtHome wrote: »

Get a copy of your records from Equifax/Experian - you should only be 'associated' through some form of credit agreement (not just living in the same house).


Thank you for your reply. I have my credit report from Equifax in front of me and there is no mention of any financial association with my partner, only a friend with whom I had a shared account when we lived together. This is why this situation is so frustrating, as their decision is based on their awareness of our personal relationship and there are no plans (hopefully) of this ending anytime soon.

M

ACG

Its not your credit file you need, its your partners. But just because 1 doesnt have you linked, doesnt mean the other wont.

MRG

Do you have joint accounts with each other with Nationwide?

Sounds like you need to move to another lender as other people have mentioned. His loan to value is good shouldn't have any problem getting it agreed elsewhere

Is it a sole application? if it is are you being put on the application as a dependant? (I know that sounds silly-not meant to be derogatory)

CLAPTON

your partner needs to check his credit files with all three credit agencies