Joint mortgages and impact on credit rating

jonas123

Hi all,

Just a quick question regarding joint mortgages and when they go wrong.

If I pull out of a joint mortgage, will this have any impact on my credit rating (assume all payments have been made on time)?

Thanks

BoGoF

Depends what you mean by just pull out. Without the lenders say so you can't. You are jointly liable for the debt so should you stop contributing and the account goes into arrears your credit rating is shot.

dimbo61

You cant PULL out of a " joint mortgage " you are both responsible for the mortgage payment.
You can leave but you should still ensure that the mortgage is paid every month or your Credit score goes down the pan.
You need to pay your half or come to an arrangement with the other person on the mortgage

jonas123

Apologies, maybe some confusion here. I mean if I remortgage (with the banks approval of course) and am the only name on the mortgage, is there any impact on the credit score of the other party who has left the mortgage?

BoGoF

No impact.