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Me and dp bought a house a few years ago, but the mortgage was in my name only as he has bad credit. Our money is shared and we pay for everything together but we keep separate accounts so that my credit rating isn't affected (mainly incase I ever needed to borrow money for an emergency)
My fixed rate is coming to an end, so I would like to remortgage to another lender and I am wondering how banks view this as it is evident from statements that I live with someone and they pay half of the bills.
I know only my income is taken into account of course, however is this seen as a 'risk' in any way by the lender? Ie that someone other then me could have an interest in the property?
Is his credit rating still bad? Sounds like it could be a good time to add him onto the mortgage and the deeds if you bought ‘together’ and he’s been paying the mortgage.
It is unfortunately, which he is working on.
I am weighing up either keeping it as a single mortgage, or just biting the bullet to remortgage together (low mortgage so think we could find a lender). It would be costly until his rating improves and obviously impact my credit. But it might be easier option in some ways.