Shall I move my partner in before getting a joint mortgage with her?

LDN2014

Hello
My partner and I wish to buy property together and get a joint mortgage probably as a buy-to-let rather than as our first home together. I own my own home, my partner is renting and has been in her flat for nearly 4 years.
Would it make my partner's application stronger if she stayed where she is for now until the joint mortgage is approved because she has been there for four years, or could I move her into my home first so she is no longer renting and strengthen her application?
She has been on an IVA but that was paid off and completed recently so hopefully that will no longer go against her? And as it's no longer a bad debt I wouldn't be associated with it thus affecting my credit rating if we lived together?
All advice very welcome.

Senior_Paper_Monitor

An IVA is for life not just for Christmas !!


Completing an IVA doesn't just make it go away in terms of credit status - she is going to have difficulty in obtaining credit of any sort, let alone a mortgage, for some time to come.


Additionally, her credit history is (and will be for some time) 'toxic' in terms of any joint financial arrangements with you.


You need to sit down together with an experienced adviser and put a short/medium/long term plan together.

LDN2014

Thank you!
Even if she just lived with me rent free, would her 'toxic' credit rating still then be linked to me?

Voyager2002

LDN2014 wrote: »

Thank you!
Even if she just lived with me rent free, would her 'toxic' credit rating still then be linked to me?

No, so long as you did not have any "financial association". However, if you were to so much as apply jointly for a mortgage, current account, whatever in both names, then your ability to obtain credit would be shot to pieces for the next six years.

LDN2014

Thank you Voyage2002. Wow! Something to think about

Senior_Paper_Monitor

Living with you, contributing towards household costs etc (Good advice is not to have any arrangement where she pays something specific - in particular 'half the mortgage' ... but that is for different reasons) is not a problem.

Any joint financial transaction with an institution that may report to the CRAs should be avoided totally including - as Voyage2002 explains - any credit applications or joint accounts involving both of you (inc utilities other than council tax)

amnblog

Senior_Paper_Monitor wrote: »

An IVA is for life not just for Christmas !!

Nice one

Do I have permission to use that myself?

Senior_Paper_Monitor

No copyright claimed (although Stella may !!).


Hateful things IVAs - much easier to place bankruptcies these days