Poor credit help!

alc03

Hi, 
I have a credit score of 692 with Experian report. My OH wants to buy a property in my name with a mortgage for our nanny. I’m worried I’m not going to get accepted for a mortgage he doesn’t know my credit score and there is a couple of CCJs on there (dated 2015&2018)and a bit of outstanding debt. I am paying off but it takes time. He has a mortgage broker I have not applied for any credit since 2017 and am slowly improving my credit score and getting everything paid back. He has a mortgage broker and I’m worried he will disclose what’s on my credit file when it comes back. Can the mortgage broker do this? Please no comments on telling my OH some things aren’t as simple as said! 

Willing2Learn

Hi alc03 and welcome to the forum 


Good news!!
Your 'credit rating' or 'credit score' is not used by mortgage lenders or brokers.  So you can ignore the perceived negative impact.

A good mortgage broker will check all three of your credit files before they can consider your options.

Do you have any joint accounts held with your OH?

Are your OH credit files all clean of negative data?

Emmia

Have either of the the CCJs been incurred whilst you've been with your OH?
Honestly though I really think you need to talk to your OH about this (sorry, I can see you'd really like to avoid this) as I sense that if this was completely your choice, you wouldn't be purchasing this flat - which will be in your name, and which you will be financially responsible for (as it will be your name on the mortgage). 

To turn this round (and hypothetically) if the broker was unable to find you a mortgage, then you're going to need to explain that to your OH - would that be an easier / preferable start to the conversation? 

DCFC79

I believe the broker can say you have been declined and reason why.
In any case when you first speak to the broker he should ask if you have any CCJs, debts etc so he will find out then about the debts so why not tell him, explain the situation before the broker spills the beans.

D3xt3r5L4b

Why does “he” want to apply for a property in “your name”?
Why can’t he apply for one in his name or a joint mortgage?

This all seems very suspicious. The mortgage broker will only (should only) speak to the person being named on the mortgage and divulge any information to the named person and not a third party.

dr_adidas01

Wants to get a mortgage in your name for your nanny? Sounds very suspicious to me!!

alc03

Willing2Learn said:

Hi alc03 and welcome to the forum 


Good news!!
Your 'credit rating' or 'credit score' is not used by mortgage lenders or brokers.  So you can ignore the perceived negative impact.

A good mortgage broker will check all three of your credit files before they can consider your options.

Do you have any joint accounts held with your OH?

Are your OH credit files all clean of negative data?

Yes we have one joint account together and his credit is excellent. 

alc03

Thanks all but I’m not after advise on if something seems suspicious. we are getting a nanny but don’t want her to live with us so want to provide accommodation. I am a first time buyer and it makes sense to buy a cheap flat for her for as little expense as possible where as my OH has multiple properties it’ll cost extra. Not that I need to explain the situation. I was only asking what information the mortgage broker will be divulging. 

alc03

Emmia said:

Have either of the the CCJs been incurred whilst you've been with your OH?
Honestly though I really think you need to talk to your OH about this (sorry, I can see you'd really like to avoid this) as I sense that if this was completely your choice, you wouldn't be purchasing this flat - which will be in your name, and which you will be financially responsible for (as it will be your name on the mortgage). 

To turn this round (and hypothetically) if the broker was unable to find you a mortgage, then you're going to need to explain that to your OH - would that be an easier / preferable start to the conversation? 

None have been incurred since we have been together. When we got together I got on track with sorting debts out etc and it is increasing and getting more positive each month. I’ve told him I don’t think I’ll get a mortgage but he doesn’t know why - he just said well let’s see. So I guess I’ll just have to wait until the time comes! Thanks for your advice 

Willing2Learn

alc03 said:

Willing2Learn said:

Hi alc03 and welcome to the forum 


Good news!!
Your 'credit rating' or 'credit score' is not used by mortgage lenders or brokers.  So you can ignore the perceived negative impact.

A good mortgage broker will check all three of your credit files before they can consider your options.

Do you have any joint accounts held with your OH?

Are your OH credit files all clean of negative data?

Yes we have one joint account together and his credit is excellent. 

The fact that you are financially linked with your OH will have a negative impact on your OH credit file(s).

It is time to share your concerns with your OH I think.

Regardless, a good and experienced mortgage broker can still find a suitably matched product that reflects the perceived increase of risk.  Adverse data will not prevent you being able to get your mortgage, although the APR may be a little higher...

Emmia

alc03 said:

Thanks all but I’m not after advise on if something seems suspicious. we are getting a nanny but don’t want her to live with us so want to provide accommodation. I am a first time buyer and it makes sense to buy a cheap flat for her for as little expense as possible where as my OH has multiple properties it’ll cost extra. Not that I need to explain the situation. I was only asking what information the mortgage broker will be divulging. 

I'm assuming you're not married to OH - if you are, you wouldn't be eligible for first time buyer reliefs anyway.