My debts & joint mortgage

chris27

How would my debts effect my partner, and our chances of getting a better deal come mortgage renewal time?

I'm at the point where I really need to engage with Stepchange, but I'm scared on how going down that road will effect our chance of a better deal come mortgage renewal time in another 18 months or so.

Also, if we have a joint mortgage what happens to that? How will that effect my partner if I have to go down the IVR route for example?

sourcrates

Depends if you apply jointly or not.

On a joint application, you will both be credit checked, it also depends which debt solution you choose, as some have more effect on you than others will.

There will be mortgage products available, it may just cost you more in the long run.

National_Debtline

Hi Chris27

If you and your partner have any debts or bank accounts in joint names you will have created a financial connection, and it means your credit reports will be linked together.

If your debts aren’t affordable it is inevitable that it is going to have some impact on your credit history. However if you know this is the case it is better to deal with the debts now, rather than further down the line when the amount you owe will have increased.

Some options are seen as more serious than others. An IVA can be appealing as it involves some of your debt being written off but it could affect a jointly owned property and your ability to get a remortgage. The IVA is legally binding so make sure you are happy with the terms before you agree to it.

Susie
@natdebtline

chris27

National_Debtline wrote: »

Hi Chris27

If you and your partner have any debts or bank accounts in joint names you will have created a financial connection, and it means your credit reports will be linked together.

If your debts aren’t affordable it is inevitable that it is going to have some impact on your credit history. However if you know this is the case it is better to deal with the debts now, rather than further down the line when the amount you owe will have increased.

Some options are seen as more serious than others. An IVA can be appealing as it involves some of your debt being written off but it could affect a jointly owned property and your ability to get a remortgage. The IVA is legally binding so make sure you are happy with the terms before you agree to it.

Susie
@natdebtline

Thanks for all the replies.

To address the above, the debts are all in my name.

Myself and my partner share a joint bank account for bill paying, and a mortgage.

I'm really concerned on how this will impact her what decisions I make and actions taken moving forward.

phillw

chris27 wrote: »

I'm really concerned on how this will impact her what decisions I make and actions taken moving forward.

That is understandable. First you need to know what your options are & then sit down and discuss it with her what the implications are for you and her.

If your debt is unmanageable then you can't choose to do nothing and if you can get your debt manageable then that will outweigh the benefits of being on a less attractive mortgage deal. Avoid any quick fixes as they rarely work.

If your debt is becoming unmanageable because of a problem that you can get help with, then seek help. Doing something positive will improve your stress levels and will demonstrate your commitment to getting yourself out of debt.

dirtycredit

Hiya,

I think if you get a renewal with same bank they don't credit or affordability check you. S4ntander has never credit or affordability checked me (Thank god!) and I've renewed about three times now and still got a really good deal.

Read this it might help and check with your current lender:
http://www.moneysavingexpert.com/news/mortgages/2016/06/i-was-a-mortgage-prisoner-but-escaped-thanks-to-mse-and-saved-3600


DC x