Mortgage application - credit records

ariadne23

Can anyone please tell me whether my credit history will be revealed to my spouse as part of the application? There are things on there I would like to keep private if possible (no lectures pls). We are applying through a broker. TIA. 

Hoenir

If what you are attempting to keep hidden has a material bearing on the mortgage application. Then likely something is going to come to light one way or another. 

Brie

Agree that things are likely to be revealed - ok if the application sails through without any issues great.  But if there are snags like a complete refusal or a significantly higher interest rate I for one would be asking what's wrong.  Perhaps it will depend on how trusting/naive/financially incompetent your spouse is.

(love the name btw - had a cat called Ariadne!)

MattMattMattUK

They will not be sent a copy of your credit report, however if there are things in there that cause a decline, or other issues then the broker will talk to you both about that and if you ask the broker to keep secrets from the other party then they will decline to deal with you going forward. 

If you cannot be honest about your financial situation with your partner then there is no way you should be considering a mortgage together. 

kingstreet

We would send a copy of the application to all applicants so if there is an answer to a question you don't want them to know, that would be problematic.

ACG

I dont. 
I send a factfind to the clients to complete. 
If one applicant called me up after to say there is adverse, I would process the application with the new information. I would not go out of my way to tell the other applicant. However when we send a suitability letter we have to disclose why we did not go with any cheaper lenders so whilst I would do my best to avoid explaining adverse it might not be possible. 

But the bigger issue might be the choice of lender. If your adverse is minor you might get away with high street lenders but if the broker comes back and you end up with a building society or an adverse lender, its going to need explaining. 

You would be amazed at how many people have adverse. I have seen people on 6 figure salaries to people working on minimum wage, Drs, police, people who run council budgets even accountants. The reasons vary from being a bit silly in younger days through to ill health, divorce etc. Appreciate you would rather avoid the conversation, but it happens to all walks of life. 

Jemma01

why don't you login to Experian (free) or Clearscore and see what your rating is? I know HSBC uses Experian, so I checked that before I applied.

Myci85

I know you don't want lectures, but please consider the impact on your partner of financially associating themselves with you if you have a poor credit history. This will negatively impact on them. If they are doing this knowingly, that's absolutely fine as it is their choice. But if you are trying to hide it from them, you are taking away their choice. 

MattMattMattUK

Jemma01 said:

why don't you login to Experian (free) or Clearscore and see what your rating is? I know HSBC uses Experian, so I checked that before I applied.

Ratings are an entirely made up number, no lender ever sees them and they are created for marketing purposes so that the CRAs can try and sell people products, knowing what one's credit rating/score is, is as useful as knowing one's star sign, eg. totally pointless.