Help with credit score and mortgage

Takana

Hello, I'm looking for some advice and this subject is very new and scary

Basically, my husband and I want to buy the house we are currently living in. It was my mothers, who passed away earlier this year, and we have been maintaining the payments and everything while we waited for probate to be completed. It has been now.

Our plan was to take out a mortgage, repay the £37.500 left of my mother's mortgage and secured loan, then buy my sister out with half of what's left (the will states that my sister and I get half each of the house if we sell) so the house is ours.

Everything has been dealt with by Halifax and they are who we're trying to get a mortgage with. We've just found out that we can only borrow £75,000 (instead of £100,000) because our credit score is C. And even then it's not guaranteed. This score was for the application in joint names, but while speaking to the advisor over the phone, she quickly put it through in my husbands name only, and came out with the same score.

The debt problems are solely mine. My husband is ok. The advisor said my debt has brought his credit score down, and this is where it's starting to get confusing. It this right? My debt is in my maiden name and was accumulated well before we got married.

We're kinda panicking now. Worse case scenario is we have to sell the house, but it's our home so naturally, we really don't want to lose it. What are our options, if any?

Dave_Ham

Impossible to say without knowing the full details.

I would suggest you engage a broker, branch advisors are not always experienced enough to deal with this.

C passes are rare and your information should not necessarily affect his.

I would imagine this could be achievable, but do speak with a broker.

I wish you well....

Takana

Thank you for the reply In my naivety, I thought a broker and branch mortgage advisor where the same thing!

I realise help is limited via a forum like this as you have no way of knowing the true situation. I just know there must be other options but I have no idea what they might be. Thanks again

ACG

Might also be worth getting a copy of your credit file.

All of your names are linked on your credit report. Even though the credit is in your maiden name, it will still be showing on your credit file.
Otherwise people would take out credit then get married/divorced or a name change to get rid of it.

Takana

My husband and I have now registered with Experian. My report is good, while his is excellent. So, Halifax must have other reasons for why they gave us a low rating. We will certainly follow it up.

And yes, I have a joint account with my husband so that is how we are linked. I wasn't suggesting I was trying to hide my debt or anything, but it sounds unfair that my debt could affect him. But then again, my deceased mother's debt is affecting us. The way of the world.

Thanks for you help you two

Thrugelmir

Takana wrote: »

My husband and I have now registered with Experian.

Also Callcredit and Equifax. Data is registered with different agencies. Not with all.

Dave_Ham

There will be content on the Experian file that is causing this issue. Hard to say, but something in those reports will be an issue.

Forget what scores and remarks the credit files sales team put on there, they are not reliable.

Good luck