Improving my rating through being a home owner?

caprosyn

Hi,

I am currently building my credit file with credit cards to help improve my score. Now though, my mum has put her house into a trust so each of her children are equal owners of the house. My main question is when i apply for credit in future, am i classed as a home owner albeit a 1/4? I do not want to mislead potential lenders regain my true status.

Secondly, i am looking to be placed on my wife's mortgage early next year. Given this home owner question above, would this help the mortgage application. LTV is in the region of 72%.

Many thanks in advance

Nebulous2

You aren't a home owner. The trust is. You are a beneficiary of the trust. Did your mother get advice on this - as it is a legally complex area?

Applying for a mortgage with your wife is unlikely to be affected by the trust. Again you are not a home owner.

caprosyn

Hi,

Thank you for your response. It probably sounded like a daft question.

Yes she did get legal advice. The reason for it was to protect her house for her children should she need to go into a care home as she gets older. This way there can be no claim against the house from the government as you probably know.

Many thanks again for your answer!

DCFC79

Yes your improving your score but the score isnt seen by lenders, its what on your credit file that matters.