Will financial associate affect single mortgage application?

fitzykev

Hi I have good credit score my wife has bad. As she is a financial associate will this affect my single mortgage application. If i get mortgage in principle am I good to go? 

MovingForwards

What is showing on your wife's credit history? 
Ignore the score and rating as lenders have their own internal algorithms for assessing applications.

fitzykev

When you ask what is showing what exactly should I be looking for?  

ACG

You need to be very careful as you could cause further problems. 
Quite a lot of lenders will not do single applications for married couples - saying you are splitting up wont cut it (I hear that a lot, but lenders typically want paperwork from solicitors confirming the divorce and what stage to ensure you wont all of a sudden reconcile). 

There are some lenders who will allow it, but if you get it wrong you could find you have credit checks carried out which harms your credit file. There are also other aspects, is it purchase or a remortgage. Where is the deposit coming from and so on. 

It can potentially be overcome but it is easier to get it wrong than it is right. It is probably worthwhile using a broker. 

MovingForwards

You said your score is good, your wife's is bad. So what is showing on her credit report? Late / missed payments? Defaults? CCJs? An IVA or bankruptcy? Is she / has she been in a DMP?

Has she run credit cards to the maximum, but only paying the minimum payment? Are they on interest paying cards or 0% offers?

Does she have loans?

Have a proper look at all the information and tell us what is showing for her to have a bad credit history.

fitzykev

bad a paying back credit cards but she has stopped using them now three or four years and has consolidated her debt into one to get it all paid off. she is trying to do the right thing

MovingForwards

Right, so does she have any late / missed payments / defaults etc?

Thrugelmir

fitzykev said:

bad a paying back credit cards but she has stopped using them now three or four years and has consolidated her debt into one to get it all paid off. she is trying to do the right thing

Consolidated into a loan or a DMP? 

fitzykev

one monthly payment