my partner has two morgages 1 house we rent out the other we live in can we put my name on morgage even if i have bad credit history so that later we can get a bigger morgage
2006-11-01 01:56:08 · 11 answers · asked by Becky K 1 in Business & Finance ➔ Renting & Real Estate
You can but your bad credit history will then be linked to your fellas details, not a good move as this may effect you both next time.
2006-11-01 01:58:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have a bad credit record this could stop you getting any loans in the future. If you become a joint owner with your partner then your credit history will be considered as part of hers and you may never get another loan between you.
Far better to stay separate but you agree to pay a share of the mortgage. Use a solicitor though because if things change between you then you could be left without a share in the house for which you have been paying.
2006-11-01 02:04:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
After only 7 months, I would not put ANY partner's name on a mortgage. Things could fall apart any time and as you said, there would go what you worked hard to acquire before you met this person. Perhaps if you two marry down the road, or decide the relationship is long term (and I'd wait until you'd been together at least a couple of years for that) then maybe go for it if you think it's the right thing to do.
2016-05-23 02:06:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. No one can tell you that you can not apply for credit together. This applies to conventional financing. Some government loans and weird financing alternatives have stipulations that the co-borrower has to be a spouse or relative.
But other than that, if you can help him get better financing and you are willing to put your credit on the line, then go for it! I see it all of the time!
2006-11-01 02:05:48 · answer #4 · answered by April M 3 · 0⤊ 0⤋
refinance that both of you r applying for a new mortgage. depending on their credit and your credit, you may need to put more money down or offered a high interest rate due to your credit worthiness. how much is your total debt to income ratio? etc.
2006-11-01 02:28:04 · answer #5 · answered by MIABELLA_C 2 · 0⤊ 0⤋
firstly your partner would need to agree, esp considering implications in divorce or end of relationship, secondly bad credit may not stop you getting a mortgage, see an independent adviser or and solicitor.
2006-11-01 02:00:13 · answer #6 · answered by dianafpacker 4 · 0⤊ 0⤋
you can, but you have to refinance, and being you have bad credit it may not actually give you a better shot at a bigger mortgage. you may get a higher percentage on your loan.
2006-11-01 01:59:36 · answer #7 · answered by brandon h 1 · 0⤊ 0⤋
If the lender will accept you as a borrower, then you have to re-mortgage in both names. New application. New loan
2006-11-01 02:41:51 · answer #8 · answered by Latin Techie 7 · 0⤊ 0⤋
Yes certainly as long as he gives permission,
2006-11-01 01:58:34 · answer #9 · answered by Ivan 3 · 0⤊ 0⤋
Talk to financial adviser who can tell you the pro's and con's !!
2006-11-01 01:57:13 · answer #10 · answered by IloveMarmite 6 · 0⤊ 0⤋