My spouse and I are in our early 40s with a primary school aged child. We've been married for over 15 years. Partner is a high rate tax payer and earns roughly twice my salary. We don't own any property, and live in a flat that comes with my spouse's job. We are in the extremely fortunate position of having a large lump sum (from inheritance, from selling in-laws' house) and we are thinking of buying a house of our own so that we have somewhere to live if my partner stops working at the place that provides our accommodation/for retirement in 20 years.
My partner is very good with money, has lots of savings and no debt - used to have a credit card until recently but they cancelled it as it wasn't being used. All utilities and both our mobiles are in my name as we got a good deal. I have no debt either and no credit card.
We looked at our credit ratings. Mine are good (Equifax) and perfect (Experian) but partner's are poor. The only reason we can think of is the lack of credit. We decided it would be a good idea for my partner to take out a credit card and pay it back in full every month to build up a credit history, but the application was declined. It's incredibly frustrating, as it seems like the only reason not to get credit is that there's no existing credit.
What the frick do we do?
We're looking at houses that would need a bit of a mortgage (we can pay about 60-75% deposit depending on the price of the house) - more than I would be lent on my own, I think, but around twice our combined salary/three times the higher salary. Are we screwed? Did the failed credit card application set us back 12 months? Feeling a bit helpless and at the mercy of credit score people at the moment.
Please help.
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Spouse can't get credit because has no credit - what do we do??
64 replies
Deathpledge · 23/02/2021 20:51
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