Mortgage application wife has bad credit

jj_help

Hi there,

I really need some advice. I have a good credit score of 999 my wife has really bad credit. So we thought we could simply complete a single application on me. The maths work out fine but the postoffice declined me. When they called to let me know they said they also check my financial associations. While she did not say much more she did say that everything else looked ok.

Will all lenders check my wife and if not who should we talk too?

Thanks in advance

John

ACG

The short answer is yes.

Can you just give us the facts and figures on the bad credit? When/How much/what they were?

Also how much you are looking to purchase for and how much you have as a deposit?

This will help us with saying whether its possible or not.

GMS

What bad credit does your wife have and when did it occur?

mrsmchapman

By financial association would this assume joint savings, credit cards apt joint bank account?

jj_help

ok we have a £20,000 deposit looking to borrow £100,000 I have no debts but my wife has a CCJ for £400 which is paid. When we met she was in a real mess so she came to agreements and is still paying some dets off. Were linked by a joint account that we use to pay bills from other than that we dont have any loans etc

jj_help

the ccj was 4 years ago

Dave_Ham

If she is still in the debt management plan (paying debts monthly) then you will need to do it as a sole application.

This is so long as the deposit is yours, or it could be even more complicated.

There will be lenders happy in the sole name, just not Post Office who offer up great rates with selective policy...

jj_help

Do you think it would be best to have her removed as an associated person? If we close the joint account there are no links?

jj_help

Ok thanks the money is mine who would do it as a sole application?

mrsmchapman

You would have to be sole applicant, given you have the money and the better credit rating.

What I'm not sure with is how long it takes for you to not be associated on credit file.

Lovelyjoolz

mrsmchapman wrote: »

What I'm not sure with is how long it takes for you to not be associated on credit file.

I know from experience that Experian (Creditexpert) are pretty quick with removing associations. They removed one from my file within 5 days. However, the joint account would have to be closed and then you would need to wait at least a month for your credit file to be updated to show that the account is closed before you approach Experian about the disassociation. I think you might have to approach the other two agencies too if they have the association on your file.