Remortgaging when partner has a Bad Credit Record
Posted on 5 May 2009
I live with my partner but the mortgage, bills etc. are all in his sole name. I am on the electoral roll. He has a good credit rating whereas mine is bad. I am thinking of entering into a debt management programme with CCCS but will this affect my partners credit rating? Or will it affect his ability to remortgage later this year? Please help!
If you don’t have any joint accounts with your partner, such as a current or savings account, it probably won’t make any difference but it certainly won’t help. Providing you are not financially linked to your partner by way of any type of joint account, e.g. mortgage, current account, utility bill, lenders should ignore your financial situation but in any case as your credit is already bad any damage is probably already done.
When your partner remortgages it will be necessary to disclose the name of anyone over 17 living in the property and so your name will have to be disclosed on the mortgage application form.
Categories: Bad credit, Remortgaging
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