Joint account with someone with CCJ

Calleja

Hi all,
My partner has recently moved in with me and the plan is to buy a house together in the next couple of years. 

We are happy with the financial arrangement we have come to for our current living situation but the logistics of administering it are a bit messy. We have a joint fund for shopping, bills etc, but he holds the funds in his account and I just transfer money over on a monthly basis. A joint account would make things much simpler.

I have a good credit history and other than my mortgage, I have no debt. Due to poor management in his past, he has a CCJ from about a year ago. He also has a couple of loans and credit cards but this is all manageable on his current salary and he is making progress at clearing it.

I'm aware that a joint account will link us financially, but I don't really understand the actual implications of this. Specifically, I guess I'm mostly interested in our future joint mortgage application - would this be a reason not to get the joint account? It would be a joint mortgage application anyway, so I figure we would be linked at that stage anyway? Anything I'm missing which should raise alarm bells?

Thanks for any help and advice. 

D3xt3r5L4b

The CCJ and current loans and credit card debts have already done any damage.

You may not qualify for a joint account due to these anyway, let alone a mortgage at high street rates. 

jonesMUFCforever

I agree - any credit score by the bank when trying to add your partner on will probably come back as a decline due to the CCJ.
The implication can be great - if your credit rating is very good and your partner ' is not you could find yourself declined for credit that otherwise you would qualify for.
Make sure that CCJ is satisfied ie paid off - even after a year get it cleared.

colsten

Your partner will find it difficult to get an affordable mortgage whilst the CCJ is still recent and not settled. If you apply together, you are financially linked, with the consequences as above. It might be better if you stay financially unconnected until his credit file is clear, and if you keep the mortgage in your own name for the foreseeable.

https://www.moneyadviceservice.org.uk/en/articles/dealing-with-county-court-judgements-ccjs#how-a-ccj-affects-your-credit-record

https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage-with-poor-credit/how-to-get-a-mortgage-with-ccjs-aprhz8p4053k