Mortgage

Stbosco

Hi there,  I have been googling and cant get an answer.  My question is if one half has terrible credit, defaults x8 all 5 years old and the other half has excellent credit rating, would a joint mortgage in principle create a financial connection?  Then potentially lowering his credit score?  We think we could get the mortgage in his name only due to his salary.  But would prefer a joint mortgage.  My concern is making the application for a mortgage in principle will lower his credit score as we are then financially connected? Or would the financial connection only happen  on a full mortgage application? If the bank approves the mortgage his score lowering is not an issue for us.  The worry is the joint mortgage in principle is declined he then  he applies for sole mortgage and his credit has been lowered by the joint application and my bad credit as we are then seen as financially connected.

MattMattMattUK

His and your credit score is a meaningless number and has no impact on anything to do with mortgage applications. 

K_S

@stbosco It's hard to speculate how much of an impact it would have but yes, generally speaking a financial association will be created by running a joint lender DIP.