Can I become solely liable for our joint mortgage even though we’re still together??

ellohyou

My partner and I took out a joint mortgage five years ago and as our fixed term is now up we’re looking into remortgaging. We’re happy together and have no plans to go our separate ways, though having my partner as a financial associate has impacted my credit eligibility more than I thought it would as his credit history isn’t as good as mine.

Everything I’ve read on removing financial associates relates to separation, divorce and death - none of which apply in our case. Is it possible to still stay together in the same house but to change the mortgage so it’s in mine name only? Or would I have to apply for a mortgage from scratch on my own? 

MFWannabe

What offers are available from your current lender? If they have good deals you don’t need to worry about going through any credit checks 

ellohyou

MFWannabe said:

What offers are available from your current lender? If they have good deals you don’t need to worry about going through any credit checks 

I’d need to double check but I think one of the offers is 1.43% fixed until 2023. It’s not the remortgage itself that I’m concerned about; it’s the impact that my partner’s credit file has on my personal eligibility for other credit offers. For instance, my credit history is flawless and my utilisation is 1% of £23k available credit, yet whenever I check my credit card offers I only get preapproved for credit builder products with high APRs.  

Thrugelmir

You already have £23k of available credit. Why are you looking to apply for further facilities? 

[Deleted User]

ellohyou said:

My partner and I took out a joint mortgage five years ago and as our fixed term is now up we’re looking into remortgaging. We’re happy together and have no plans to go our separate ways, though having my partner as a financial associate has impacted my credit eligibility more than I thought it would as his credit history isn’t as good as mine.

Everything I’ve read on removing financial associates relates to separation, divorce and death - none of which apply in our case. Is it possible to still stay together in the same house but to change the mortgage so it’s in mine name only? Or would I have to apply for a mortgage from scratch on my own? 

It would be an issue for lenders as your partner would have a beneficial ownership in the property but wouldn't be party to the mortgage or a legal owner.  It's not something I'd agree to as your partner.

What makes your credit history flawless and your partner's credit history less good?

MFWannabe

ellohyou said:

MFWannabe said:

What offers are available from your current lender? If they have good deals you don’t need to worry about going through any credit checks 

I’d need to double check but I think one of the offers is 1.43% fixed until 2023. It’s not the remortgage itself that I’m concerned about; it’s the impact that my partner’s credit file has on my personal eligibility for other credit offers. For instance, my credit history is flawless and my utilisation is 1% of £23k available credit, yet whenever I check my credit card offers I only get preapproved for credit builder products with high APRs.  

Why are you looking to get more credit when you have available credit already? 
I would take out another fixed term on your mortgage with current provider and then concentrate on improving your husbands credit file. 
I cant see that any mortgage company would agree to remove your husbands name from mortgage and would your husband be happy about this?

enthusiasticsaver

In this financial climate I would not be happy taking out further credit anyway so no this is not something I would recommend. If your husband is named on the mortgage and the deeds you would have to go through a new application in your sole name and change the deeds into your name too.  I don't suppose your husband would be happy about that and he would still retain a beneficial interest.  Makes it complicated if you died and will cost you in solicitors fees to remove his name. As someone else  said if you have £23k available credit why would you need more offers.  You would both do better to concentrate on why your husbands credit file is poor. 

ACG

If you remove all financial associations - mortgage, bank accounts, internet etc etc, then you can apply to the 3 credit agencies to remove the association. It can take a bit of time though.

His credit will improve over time (assuming he does not miss payments), having £23k of credit cards and only using 1% of it is not a good thing - despite what the credit agencies tell you. If you had £2,300 available, you would still only be using 10% of it. 

I do not know what your income is, but unless you are on an absolute fortune, £23k is too much and some lenders will penalise you for that. You could rack up £23k worth of debt and then be unable to pay it back.