if i have bad credit rating will it affect my partner getting us a mortgage, he works and im...

09-23-2007, 01:37 AM

...stay at home mum?
we are not married, but when i was phoning the bank for my partner i asked her if my credit rating would affect it and she said no as its different when it comes to mortgages as who you take the loan with has your property to secure against it? i didnt think it sounded right and wanted some more opinions?
i live in the uk
he wants the mortgage in both of our names, obviously he is the main earner as i don't earn anything, but they take into account child benefit that i recieve. will they go more by him as he is the mai earner

09-23-2007, 01:40 AM

Not usually.

Lenders look more closely at the credit of the "primary wage earner", or the person that makes the most money in the household. I would advise however, if you have bad credit, and no income at all, to stay off the loan because it wont really help your partner. If you're not on the loan, the lender could care less about your credit, though you might have to sign some papers, certifying you will not be part of the loan (if you're legally married).

After the mortgage goes through, you can be added to the title of the home through a grant deed. In the US, a grant deed would give you a 50% interest in the property as a joint tenant (if you were not legally married) or a community property interest if you were married(california and other states).

09-23-2007, 01:44 AM

Only if you are on the application for the mortgage. Otherwise, no.

09-23-2007, 01:59 AM

Yes, it might. If you are co-signers on the loan, then both your credit reports will be pulled to see if you qualify for the mortgage. If your partner's willing, he should probably apply for the mortgage on his own without your name on it... of course you wouldn't be a joint owner on the house, but it also increases your chance of getting a better interest rate if his credit is great.

09-23-2007, 02:08 AM

It won't if your name is not down in the papers. But if you were to co-sign the bnk papers, the mortgage might not be approved. By the way, which country are you from? Different countries have different leniency towards mortagages

09-23-2007, 02:08 AM

If your not married and the mortgage is going in your partner's name than your bad credit wont effect him getting a mortgage.