Ex partners affect on my credit

paintedtoenails

Good Morning,

I am financially associated with an ex partner that I split with around 9 years ago as my name is still on the mortgage of the house that we purchased together. I am unable to remove my name from the mortgage as she doesn't earn enough to have the mortgage on her own.

What affect will her credit report/rating have an my application for a mortgage? Will lenders look in to her finances??

I know that she has around £10,000 worth of credit card debt but I don't know how she manages her finances, as in pays everything on time etc etc

My credit score is high (i know that the number means nothing) and my personal finances are all good.

I have been to see a mortgage adviser and I know that even with my name on the other mortgage I can lend the amount that I need for a new mortgage so that is not an issue, it is just the affect of her credit rating.


Thanks

[Deleted User]

Some will take her history into account. But a good broker will help you place it with the right lender and ensure that the circumstances are explained if necessary.

paintedtoenails wrote: »

I can lend the amount that I need for a new mortgage

Borrow.

SeanG79

Find a good mortgage broker. They will be able to send a write up with the application explaining the financial association and minimise it's impact on your credit profile.

If there are late payments/arrears on the current mortgage, that would cause you an issue and the lender may reduce your affordability due to the commitment of the other mortgage if your ex cannot make payments for whatever reason..

paintedtoenails

SeanG79 wrote: »

Find a good mortgage broker. They will be able to send a write up with the application explaining the financial association and minimise it's impact on your credit profile.

If there are late payments/arrears on the current mortgage, that would cause you an issue and the lender may reduce your affordability due to the commitment of the other mortgage if your ex cannot make payments for whatever reason..

There are no arrears or late payments and there never has been.

SeanG79

In that case, the only negative could be how the lender assesses affordability as they could class the other mortgage payment as your expense as you are jointly liable for payments.

As mentioned before, I would approach a mortgage broker for assistance.

Pixie5740

As you already own a residential property you might need to pay the additional residential property SDLT surcharge (i.e. an extra 3%).

paintedtoenails

Pixie5740 wrote: »

As you already own a residential property you might need to pay the additional residential property SDLT surcharge (i.e. an extra 3%).

Yes I do, which I was not aware of until about 6 months ago so we have had to save around an additional £5500 which was a bit soul destroying at the time

ThePants999

If you split 9 years ago, are you sure she still can't get a mortgage on her own? A chunk of the capital has surely been paid off in that time...

paintedtoenails

ThePants999 wrote: »

If you split 9 years ago, are you sure she still can't get a mortgage on her own? A chunk of the capital has surely been paid off in that time...

Yeah, she has tried last year.