mortgage protection with cohabiting

Philippa_Ann

My fianc! and I have been together for four years. In this time I've been trying to get my credit score better due to several mistakes made when I was in uni. My credit score is still quite poor and I'm pretty certain I won't be able to get a joint mortgage with him. He's just been given a lot of money and we'd both like to buy a house.


However, this obviously poses a lot of uncertainties for both of us. If I can't get on the mortgage with him I want to ensure we are both protected in case the worst case scenario happens. I don't want to be left with nothing, given that I'll have paid half of the mortgage for the time I live there, and he won't be able to afford the place if I just got up and walked out on him. Does anyone know the best way forward on this?


Thanks in advance.


Pip

amnblog

If you mean in the event of death get some advise.

Typically you would either have a joint insurance policy paying out to the survivor or single policies paying out to the survivor.

ACG

Speak to a broker who does a lot in the adverse market, you may be surprised at what is available to you.

I do a lot in the adverse market (thats not meant to sound like a plug), around half of our adverse clients end up on the high street, another quarter or so ends up on rates between 2.5% and 3.5%.

Edi81

Remember you don’t have a credit score. You have a credit history.

What is in your past? Is it defaults,ccjs?
How long ago?

It may not all be doom and gloom.

juniordoc

A deed of trust could be drawn up to agree how each of your interests would be protected if you separate.
Ideally you should get your name on the mortgage, and some months looking after your credit score could be really worthwhile. Are all your debts now historical?