Why does my credit report show incorrect mortgage balance/amount

Hi,

I have a joint mortgage, with my wife. We both applied and pay for the mortgage.

for easy numbers let’s say the FULL mortgage is £200k. Now remember this is shared, my credit report shows £200k, and so does my wife’s. But we don’t both have a £200k mortgage, WE have a £200k mortgage that we share:

i.e: £200k / 2 = £100k.

it a bit like sharing a bottle of wine, you wouldn’t say your having a bottle each?

thanks in advance

Comments

  • It's a joint mortgage so you are both liable. If your wife ran off, for example, you would be liable for the full 200k if she stopped paying it, hence both owe the same 200k. It is not considered as 400k of debt
  • Ah, that does make sense!! Thank
  • Hi,

    I have a joint mortgage, with my wife. We both applied and pay for the mortgage.

    for easy numbers let’s say the FULL mortgage is £200k. Now remember this is shared, my credit report shows £200k, and so does my wife’s. But we don’t both have a £200k mortgage, WE have a £200k mortgage that we share:

    i.e: £200k / 2 = £100k.

    it a bit like sharing a bottle of wine, you wouldn’t say your having a bottle each?

    thanks in advance
    Mortgage reporting on CRAs can be utter nonsense and irrelevant  if it is offset such as Barclays 
    Mine shows a figure of X as borrowed
    Because of offset savings the real figure  borrowed and owing is  10% of X 
  • This is what's known as being "joint and severally liable" 

    https://en.m.wikipedia.org/wiki/Joint_and_several_liability
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