Black mark on credit rating

IronWolf

Hi, I have a question for a family member who is having trouble getting a mortgage.

Her and her boyfriend want to buy a house together and applied to the bank for a mortgage. Unfortunately the boyfriend had a 'black mark' on his credit rating due to something from his uni days, my guess is some kind of loan default, I dont know if it was a misunderstanding or late payment, w/e.

Basically they refused them the mortgage.

She decided to apply for a mortgage herself as she alone can afford the mortgage payments, but on doing so was told that she now has a 'black mark' on her credit rating because she has applied for a joint mortgage with her boyfriend. His black mark is now on her record.

I've never heard of this happening before, is there anything she can do? I dont see how it is fair that her credit rating has been destroyed simply because she applied for a joint mortgage with someone with bad credit.

Dave_Ham

Hi there,

It would have linked them financially through their credit files, although not all lenders will have an issue with this.

I assume they bank with Natwest or HSBC?

Firstly, he needs to get his Experian, Equifax and Call Credit reports and understand what the black mark is. Whether it is missed/late payments, default, county court judgement etc. makes a huge difference to the next steps.

Also, the size of their deposit (as a % of the purchase price) and the rest of the details on their case will have a huge impact.

Be careful with another single application as it may lead to complications with the deposit and take some more formal advice.

Good luck

Senior_Paper_Monitor

As they have not and (presumably) will not proceed with the initial application she can apply for disassociation.

Get both reports - and then as exactly as Mr Ham suggests