Will my bankruptcy affect my partner if we marry?

Siobhan7

Hi. I’m bankrupt and will be discharged next month. My partner had a DRO but that’s recently completely come off his record so he is now working to build his credit rating. Obviously I have to wait another 6/7 years (confuses me when it’ll actually come off my record!).

Anyway, long and short of it is... if we marry, will it stop my partner from being able to get a mortgage in his name or future credit? Or would it not matter?

We are wanting to marry but I don’t want my credit file to affect him in the future.

MovingForwards

If you marry, no, your credit history is yours.

If you have some form of financial association eg joint bank account, utility bills etc yes, it will pair the two of you up and have a knock-on effect.

Your OH is probably going to have to use a broker to get a mortgage due to his DRO.

Siobhan7

Thank you - we are both on council tax but we don't share a bank account. Will that affect us even if we don't marry?

TheGardener

Siobhan7 wrote: »

...Obviously I have to wait another 6/7 years (confuses me when it’ll actually come off my record!).
...

Its 6 years from the date of your BR as long as all the creditors update your credit history correctly.

At present, Councils don't report arrears (rent/council tax etc) to credit file agencies so having your council tax bill jointly shouldn't be an issue. The main problem would be financial links like mortgages, bank accounts etc. Utility companies do report to credit file agencies so I would avoid any joint utility bills as well. There would be a 'association' link on the credit files for your address but that doesn't mean your partners credit history would be damaged. This link gives a clear explanation so it wouldn't matter if your were married or co-habiting - its no different.

[Deleted User]

Potentially if ONE of you applied for a mortgage, without the other, it could be an issue.

He will probably be asked why you aren't on the mortgage (it's expected at many lenders that a married couple apply together), and will have to disclose why.

Some lenders would be OK with it, I'd guess more likely the building societies etc - if they are confident you can support yourself (e.g. he declares you have a job/they can see payments from you on his bank statement).

I believe some high street lenders will outright decline, particularly if it's a purchase.

I'd say potentially slightly more effort getting a mortgage (but nothing a good broker can't solve). Other than that, not at all as long as you don't link bank accounts etc.

pcoventry

When my ex went BR we didn't have a joint account - when she was out of it we did have one and that dragged me down - but now with me being BR I am dragging her down so we have dissociated and closed the joint account. (got it on the day I went BR as it was frozen initially)