Joint Buy to Let ReMortgage Question

nekr0mantik

hi

if I were to put my name down on a remortgage of a buy to let property with the person that already owns it then would that persons previous IVA also affect my credit record? Like above the extra borrowing I would be taking on?

K_S

nekr0mantik said:

hi

if I were to put my name down on a remortgage of a buy to let property with the person that already owns it then would that persons previous IVA also affect my credit record? Like above the extra borrowing I would be taking on?

@nekr0mantik You would end up financially associated on your credit reports. It's hard to quantify the impact of this as that will depend on the specifics and be different based on the context of any new credit application made by you.

The mortgage would show on your credit reports. However, as a BTL mortgage (which typically is covered by the rental income) it *should not* (generally speaking) overly impact your future mortgage options. This is based on the very limited info in your post and only meant as a general comment.

nekr0mantik

K_S said:

nekr0mantik said:

hi

if I were to put my name down on a remortgage of a buy to let property with the person that already owns it then would that persons previous IVA also affect my credit record? Like above the extra borrowing I would be taking on?

@nekr0mantik You would end up financially associated on your credit reports. It's hard to quantify the impact of this as that will depend on the specifics and be different based on the context of any new credit application made by you.

The mortgage would show on your credit reports. However, as a BTL mortgage (which typically is covered by the rental income) it *should not* (generally speaking) overly impact your future mortgage options. This is based on the very limited info in your post and only meant as a general comment.

Hi

What other details do you need?

The other person is family member and they finished a IVA 2 years ago.

I have a healthy credit file but have only just purchased first property to live in 2 months ago.

Due to increases in interest rates they want to try re mortgage to get slightly lower rate for 3 to 5 years if possible but income level is not enough. So have asked if I can help.