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Financial Association - Going to be a problem?
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Raffi2020
Posts: 45 Forumite
Long story short, me and my partner applied for a mortgage with a lender and it got declined (too much adverse in my history combined with what they considered to be a current DMP, so I know in this climate I'm unlikely to get on a mortgage). My partner decided to go it alone and got a DIP via a broker with Nationwide, as ultimately it was my partner's house hunt in the first place, so will be going that route.
The concern I have is that the joint application we did left us "financially associated" on one of my credit reports, and presumably my partner's too. We're not actually financially associated - we don't have any bills or joint accounts and have never shared finances of any kind, but the application has connected us on paper in the credit report.
I'm now worried that this financial association is going to cause problems with my partner's sole application! I explained my concerns to my partner who relayed them to the broker and she told us that it wouldn't be an issue. But I can see on Nationwide's own website it says the following:
"Any application that is initially made in joint names which results in a decline must not then be scored individually to try for an accept decision, even if either applicant in their own right has sufficient income to support the mortgage. Subsequent applications from either of the individuals may only be accepted if there is no longer any connection between the original applicants."
Does anybody have any thoughts about whether this might be an issue? We didn't actually apply to Nationwide jointly, so that's not the issue, but I'm concerned an underwriter is going to see the association and that's going to cause problems. Am hoping to get a second opinion!
The concern I have is that the joint application we did left us "financially associated" on one of my credit reports, and presumably my partner's too. We're not actually financially associated - we don't have any bills or joint accounts and have never shared finances of any kind, but the application has connected us on paper in the credit report.
I'm now worried that this financial association is going to cause problems with my partner's sole application! I explained my concerns to my partner who relayed them to the broker and she told us that it wouldn't be an issue. But I can see on Nationwide's own website it says the following:
"Any application that is initially made in joint names which results in a decline must not then be scored individually to try for an accept decision, even if either applicant in their own right has sufficient income to support the mortgage. Subsequent applications from either of the individuals may only be accepted if there is no longer any connection between the original applicants."
Does anybody have any thoughts about whether this might be an issue? We didn't actually apply to Nationwide jointly, so that's not the issue, but I'm concerned an underwriter is going to see the association and that's going to cause problems. Am hoping to get a second opinion!
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Just going to give this a little bump as I’m still concerned about what to do - especially after reading some of the experiences here! Feel like it’s probably too late to attempt to dissociate anyway, or that it might end up looking worse, but figured wiser heads might know.0
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