Partner’s Debt

stressedette

@Sarahspangles I see what you mean I think, he transfers me a single set amount monthly now, which will be on my statements? 

We have two children together, so effectively is his contribution towards his children’s upkeep / could be seen as child maintenance as much as anything else. 

It wouldn’t be taken into account as income in terms of a mortgage application in my sole name, so affordability etc would have to be proven without it. Which is fine. 

Sarahspangles

It’s a while since I last applied for a mortgage so I’m not sure what they ask for now. Are your credit records connected? 

stressedette

@Sarahspangles No, we’re not financially connected at all in terms of paperwork. 

No joint accounts, no joint credit, no joint mortgage - we share a council tax bill and that’s it, as he is registered as living at my address. He’s not listed as a linked person on my credit file. 

The house we live in is in my name, and I pay all the bills from my own personal accounts. 

He transfers me a fixed sum (£500) at the start of each month, as a household contribution. There is no reference on the transaction. He tends to also buy groceries directly himself, and pays for a car (in his sole name) that I use on occasion as needed with the kids. And he has also started paying the kids nursery directly himself. 

So for the purposes of a sole mortgage application, I have no car, (I wfh or travel by train to work anyway,) and I don’t have any nursery bills, as grandparents look after the kids / their dad pays for the couple of days they do at nursery. 

The rest I’m assuming would be based on my sole income, with the £500/month payment not included in any sums either in terms of income for total borrowing, or affordability. 

I’ll obviously speak to an advisor! But had a decision in principle online based on that input, ignoring partner’s contribution. 

Sly72

Dum question but what has he racked up about £30k on?

stressedette

@Sly72 Not a dumb question at all. 

I wish I fully understood to be honest, and we will be having a proper sit down to go through it in more detail. 

The brief explanation is: 

Circa £10k of outstanding car finance, which is crazy as the car is worth about £2k, so I’ll be telling him to hand it back and we can sort something else out. 

Circa £15k in two high interest loans, one of which he’s said was an effort at consolidation after a furlough mess… Not sure about the other one. 

And about £5k on high interest credit cards, which I think he’s been chucking day to day spending on due to high loan and car repayments, plus nursery costs etc while I’ve been on maternity leave. 

born_again

stressedette said:

@Sarahspangles No, because the property we live in at present is just in my name also? I bought it as a single person, my partner then moved in. 

Surely I can move in the same way? 

You can. Which would be the most sensible way forward for you.

But if partner starts defaulting then a JT mortgage is out of the question.