joint mortgage and OH with no credit history.

F_Bear

my OH has just been turned down for a asda credit card as she has no credit history except for a mobile contract for the last 5 years. (see my post in credit card forum for more info)

what im concerned about now is our forthcoming joint mortgage application that we're planing for next may when my current, sole, mortgage fixed rate is up.

will the lack of credit history affect the joint mortgage?

she has a full time fixed post job earning 23k and has been registered at my address for voting for the last year.

shes planning on getting a sub-prime card, aqua, to build up a history which will give 10 mnths history before we apply for the mortgage.

Lilla

A mortgage is the most serious credit commitment we can take on, so yes, all the points you mention will have a bearing on your OH's ability to join you.

I agree that she urgently needs to built credit history before applying for a mortgage and having been turned down for credit card is not a good sign. Apart from trying a card like aqua, she could also consider an overdraft facility with her current account (don't use it in the last 3 months before applying for mortgage, but in the meantime just use it occasionally and for a small amount and repay it within a month) or ask her bank about a credit card or look into something like a Next account where the amount is paid back over a few months. Lenders like seeing a credit account and also accounts settled without any problems.

Having electoral roll registration for a year is a relatively short period of time, so it will only improve with time.

When you come to remortgaging next year, there will have to be an equity transfer first, so you may want to talk to a solicitor and your lender about it to have this step arranged in a timely fashion that doesn't impact on your current mortgage deal.

Wh05apk

A lack of credit on her part should not be an issue, presumably you are looking at a like for like remortgage, so it "could" be done in your sole name - incomewise? so adding her on presents minimal additional risk to a lender.

It is normally easier to get a mortgage than a credit card, as a mortgage has property as security, so normally the lender would get their money back.

With regards a transfer of equity, do it all at the same time when you remortgage, it will beless hassle and cheaper.