Adverse credit file

spexs

Daughter is looking to buy a house in her own name. Applied for mortgage in her own name. Has been turned down due to adverse credit record of her partner (he appears on his Equifax file as financial associate) although he is not being included on title deeds or in mortgage application. Is there a way round this?

Thrugelmir

Is the partner going to reside at the property?

spexs

Thrugelmir wrote: »

Is the partner going to reside at the property?

Yes

ACG

You can apply to have him removed as a financial associate with the credit reference agencies, takes around 2 weeks.

Probably not what you should be doing but its a way that may work.

spexs

ACG wrote: »

You can apply to have him removed as a financial associate with the credit reference agencies, takes around 2 weeks.

Probably not what you should be doing but its a way that may work.

Excuse my naivety but is it really that simple?

Thrugelmir

If you wish to lie on your mortgage application form and commit fraud then yes.

Ultimately a business relationship depends on a degree of trust.
Once broken however the consequences will last a very long time.

To protect your daughter, you need to think of her best interests in the longer term and whether its worth the risk.

holly_hobby

I would hold off for now on declaring the partner as not to be resident - of which the reasons are obvious !

Instead I would recommend speaking to a current whole of market mortgage broker, who will know in a jiffy who is in the market for this situation, or will speak directly with their local BDM for various lenders (some not open to direct business) to try and get this placed - and believe me he/she will have seen plenty similar cases over the yrs - so don't dispair just yet ! (a good LTV will obviously be beneficial too)

Alternatively, if she wanted the direct approach she could try a lender who doesn't credit score, so will take an individual underwriting approach to the case. Thereby allowing your daughter to personally discuss and explain the situation surrounding the parter etc, and why their attitude to credit should not affect her credit worthiness or her capacity (financially and morally) of servicing the mortgage.

Such a lender would be Ipswich B Society (whom lend nationwide to direct appliants, but do have geographical restrictions for intermediary business), other active MBs on here will give you ideas of other non-credit scoring lenders (if your D doesn't want to sit down with one directly).

Heres a link to the Ipswich BS webpage with contact details for you - http://www.ibs.co.uk/mortgages

If your D utilises the services of a broker, although there may be a fee their assistance and support may be invaluable in this matter (esp when they have a good relationship with BDMs and can place a case, that going direct an individual would not be successful), not only that, they will hold her hand and support her throught the whole application process and beyond.

Hope this helps and I wish her luck !

Holly

spexs

holly_hobby wrote: »

I would hold off for now on declaring the partner as not to be resident - of which the reasons are obvious !

Instead I would recommend speaking to a current whole of market mortgage broker, who will know in a jiffy who is in the market for this situation, or will speak directly with their local BDM for various lenders (some not open to direct business) to try and get this placed - and believe me he/she will have seen plenty similar cases over the yrs - so don't dispair just yet ! (a good LTV will obviously be beneficial too)

Alternatively, if she wanted the direct approach she could try a lender who doesn't credit score, so will take an individual underwriting approach to the case. Thereby allowing your daughter to personally discuss and explain the situation surrounding the parter etc, and why their attitude to credit should not affect her credit worthiness or her capacity (financially and morally) of servicing the mortgage.

Such a lender would be Ipswich B Society (whom lend nationwide to direct appliants, but do have geographical restrictions for intermediary business), other active MBs on here will give you ideas of other non-credit scoring lenders (if your D doesn't want to sit down with one directly).

Heres a link to the Ipswich BS webpage with contact details for you - http://www.ibs.co.uk/mortgages

If your D utilises the services of a broker, although there may be a fee their assistance and support may be invaluable in this matter (esp when they have a good relationship with BDMs and can place a case, that going direct an individual would not be successful), not only that, they will hold her hand and support her throught the whole application process and beyond.

Hope this helps and I wish her luck !



Holly

Hi Holly looked like a good idea the IBS, unfortunately we live in Scotland and they only lend in England & Wales.

holly_hobby

Ah .... and I therefore presume she will be buying in bonnie Scotland too - you would have to be awkward !!!

I'm in England, so my best advice to save all the legwork and credit search markers, would be to go directly to a broker, who will verbally discuss and place the case with their various BDMs of lenders operating in your area, before your D having to actually submit the app. When placed he will accompany the application with a note of the BDM and UW who verbally agreed the case, and subject to valuation and status checks, this should see it through.

Fingers crossed ... hope this helps

Holly

Dave_Ham

Forget the stupid responses about fraud etc.

If your daughter is having her fella move in with her, how bad is bad on the credit front?

If in a sole applicant, some lenders are happy to lend in these parameters even if partner is to reside.

Find a decent broker and sure there will be a solution here from what information provided..

Good luck

CBR600F_2

If he played fast and loose with his credit, imagine what he'll do to your daughter's incubator. Tell her to tell him to get back to the kitchen. For safety, have him taken care of. No need to pay through the nose for it. I know some good guys in the business. Hell, I'll do it myself for a few deep fried Mars and a gallon of Irn-Bru. I'm in the phone book under !!!!! Jerry's Scrap Merchants. Don't worry, it's just a cover. I don't know the first thing about stealing metal.

Call me.