Will husbands bad credit affect me getting a mortgage alone?

TRex_2

I'm getting married in July and fiance has a beyond terrible credit rating. He has between 5 to 10 CCJs from payday loan companies and banks from between the years 2000 and 2012 that he has never paid. He moved address and didn't tell the creditors his new address. He doesn't have a bank account now. I would like to apply for a mortgage on my own for around £70,000 (I have a very good deposit) but am concerned that being married to such a reprobate could affect my own credit rating. Are mortage companies entitled to check my husband's credit history even though I will be buying the house entirely on my own? Would it be advisable for him to take my name when we marry so the creditors are less able to find him? Alternatively, should he come clean and declare himself bankrupt? All the debts were incurred before I met him. I would be very grateful for any advice , thankyou

poppasmurf_bewdley

As long as you are not financially linked to him (ie no joint accounts) then you should be ok.

You shouldn't even have to mention him to the mortgage company.

But don't ever put anything in his name.

fatbelly

He sounds unlucky. Most payday lenders never took court action.

Changing his name won't make any difference. Really he needs to take advice about his debts. But he needs to be self-motivated to do so.

If he decides to go for bankruptcy it may be better doing it sooner rather than later as there is a concept of beneficial interest that may come into play if he lives with you and contributes to the mortgage. On the other hand, if he's a decent earner then bankruptcy could lumber him with a 3-year income payments order, which could upset your calculations.

National Debtline are a good source of free impartial advice if he wants to run things past someone.

HappyMJ

TRex wrote: »

Would it be advisable for him to take my name when we marry so the creditors are less able to find him?

That won't make any difference.

All the names he has been known by will appear on his credit history.

CIFAS will also have a record of every name he has ever used.

If he changes his last name to your last name then a CCJ obtained against his former last name will be enforced against "his first name, your last name" instead.

oldhand

I know love can be blind but are you sure marriage with someone who clearly cannot be responsible with money (his or yours) is a good idea? 5/10 CCJs with PDLs and banks which he never repaid and you are the one going to buy and pay for the marital home?.How long before he takes out more loans,possibly joint you will know nothing about until the rap comes to the door?
I sincerely hope im wrong as he sounds very lucky to have a lady like yourself behind him but if you do go ahead keep a very close eye on your bank account and be wary if he always wants to be the first to collect the post in the mornings,Good luck.........

TRex_2

We certainly don't have any joint accounts! He knows he can't be trusted with money so he doesn't want one. His mum has transfered his wages (which went to her account as he doesn't have one) to my account a few times in the past (not any more)... that doesn't count as being financially linked does it? Won't mortage companies want to know my husbands name? Would I have to tell them? I called a mortgage broker the other day and she asked who would be living in the house with me. I told her my boyfriend would, and she asked about his credit history , saying the credit history of anyone living there could affect things!

I'll get him to call national deptline next week, thankyou.

fatbelly

TRex wrote: »

I called a mortgage broker the other day and she asked who would be living in the house with me. I told her my boyfriend would, and she asked about his credit history , saying the credit history of anyone living there could affect things!

That's been incorrect for many years now

La_escocesa

You will need to mention him to your mortgage company. Our house is in my name but my husband had to sign a form (basically to declare that if I stopped paying the mortgage he would move out if the mortgage co wanted the house back). They didn't check anything about him financially though.

The other thing to note that our solicitor explained to us, is that if you are married you are deemed to be buying it as a marital home etc, so if you ever got divorced he could still say he wanted half. Kinda like the equivalent of a stay at home mum who hasn't paid anything financially to the house but is still entitled to it IYSWIM,

pleasedelete

fatbelly wrote: »

That's been incorrect for many years now

All seems rather fishy to me.