Why does my credit report show incorrect mortgage balance/amount 14 September 2022 at 9:55AM in Credit file & ratings 4 replies 101 views

paulmc1981

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

[Deleted User]

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

paulmc1981

Ah, that does make sense!! Thank

Jumblebumble

paulmc1981 said:

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 

Fighter1986

This is what's known as being "joint and severally liable" 

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