2007-01-16 01:13:19 · 7 answers · asked by dave m 1 in Business & Finance ➔ Personal Finance
You will have a financial relatsionship with that person on your credit report.
From that point on anything they do can impact on your credit rating.
2007-01-16 04:36:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Although there should be no 'direct' effect, there are a number of 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 value.
2) The Mortgage company may insist that the repayments are enforceable in their entirety on either person (in other words, if the one with the poor credit record fails to pay their share, the Mortgage Company can take it all from the other one)
Of course if the Mortgage does go wrong, then both persons will end up with a poor credit record.
2007-01-16 01:46:25 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
If you have a problem with getting a mortgage from the High Street Banks because of you situation there are specialist lenders which charge a higher interest rate in return for taking on a higher lending risk. I don't think being rejected for a mortgage would affect your credit rating dramatically but a lot of credit checking activity in a short period of time can make lenders cautious.
2007-01-16 04:22:53 · answer #3 · answered by Peter C 1 · 0⤊ 0⤋
it will affect the chances of you getting the mortgage and it may end up being 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 pay the repayments, if one of your credit ratings is good, you should be fine.
2007-01-16 01:21:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it really depends on the bank's lending policies. Smaller banks and savings and loans are more flexible and they are located near you.
the easiest way to find out is to go and talk to them. You have nothing 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.
good luck
2007-01-16 04:24:12 · answer #5 · answered by techibd 2 · 0⤊ 0⤋
it may cost more if one of you has a poor credit rating...good luck tho
2007-01-20 00:01:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If in the UK apply online at www.surefirefinance.co.uk they should be able to help you.
2007-01-16 04:20:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋