If two ancestors apply for a mortgage and one have a poor credit text, how does this affect the other applicant?
Answers:
If you have a problem with getting a mortgage from the High Street Banks because of you situation here are specialist lenders which charge a higher interest rate in return for taking on a superior lending risk. I don't think one rejected for a mortgage would affect your credit rating dramatically but a lot of credit checking activity within a short period of time can make lenders cagey.
Although there should be no 'direct' effect, there are a few indirect ones.
1) You may be offered a Mortgage at a higher rate of interest, or they may limit the Mortgage to (say) 60% or 65% of the house advantage.
2) The Mortgage company may insist that the repayments are enforceable in their entirety on either personage (in other words, if the one with the poor credit record fail to pay their share, the Mortgage Company can take it adjectives from the other one)
Of course if the Mortgage does go wrong, then both those will end up with a poor credit diary.
You will have a financial relatsionship with that personality on your credit report.
From that point on anything they do can impact on your credit rating.
it will affect the chances of you getting the mortgage and it may end up one more expensive for you as you may be considered a greater risk by the bank. they look at the credit to assess how likely you are to not remuneration the repayments, if one of your credit ratings is good, you should be fine.
If in the UK apply online at www.surefirefinance.co.uk they should be able to assist you.
it really depends on the bank's lending policies. Smaller banks and hoard and loans are more flexible and they are located near you.
the easiest way to find out is to stir and talk to them. You have nil to lose and they can probably run your credit and the other person's to tell you specifically if you are going to have a problem.
honest luck
it may cost more if one of you has a poor credit rating...polite luck tho
Related Questions: