I'd like to buy a flat, but will a financial link with someone on DMP affect this?

KnittedPython

Good morning, 

I have lived with someone in a house share for the last 15 years, we are not in a relationship, and have two joint accounts. One of these accounts is where the bills are paid. 

The other party is on a DMP which I found out about this year. 

I have no debt, no missed payments, and pay off my credit card each month in full. Thanks to some inheritance I will be in a position to buy later in the year. 

My oldest bank accounts are sadly the ones where we are associated with. The first one dates from 2004, and the other 2013. I have recent accounts just in my name, but are less than a year old due to bank switching. 

The joint accounts are not in any debt. He has also agreed to remove himself from the accounts. 

If I get him removed from both joint accounts, and write to the credit agencies, will this help remove the link between us? Would I be OK to apply for a mortgage?

I live in Scotland and I will be a FTB at the age of 39.

I will never have any financial link with anyone again. A very hard lesson learned. 

ACG

Being financially associated with someone who has bad credit can be a problem with a few lenders, but not all. 

You can go down the route you suggested, but obviously that will take a bit of time (maybe up to a couple of months). Or if you speak to a broker, they can probably help you now at normal rates.

You have just been unlucky with who you are financially associated with. If you get a partner, you might find you have to become associated on a joint mortgage for example. 

KnittedPython

Thank you for the reply. I am going to reach out to a mortgage broker as I need some advice on this.

I've got time though to break the association. It might be worth just closing both accounts, which leaves my (main) oldest current account less than a year old (Oct 2023).

I'm looking to buy on my own. I won't ever get a joint product with anyone again.