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Original poster

Joint mortgage, seperate debt

8 replies

Sparrowlegs248 · 12/10/2015 08:53

When you renew your mortgage deal, how does it work if you dont want your partner to know about debt you have? The debt is a credit card.

I'm asking on behalf of a relative so may not know full details.

OP posts:
19lottie82 · 16/10/2015 07:43

Well if you both sit down with a lender / broker to complete the application (which I'm guess you must do if it's a joint application), then they'll ask you what existing debt you have, so you have to declare it. If you don't then it's a fraudulent application.

So quite simply, you can't hide it, so perhaps you should come clean before the application, or not apply!

brokenmouse · 16/10/2015 11:01

Not possible to hide it, it will come up in the searches. The other person has a right to know as they will be responsible for the whole loan if the one who has debts can't pay.

Original poster
Sparrowlegs248 · 16/10/2015 15:26

As far as I know its a re.mortgage as current deal has expired. He doesn't want to hide it from the mortgage company, just the partner!!

OP posts:
19lottie82 · 16/10/2015 15:46

Not possible. As its a joint application it will need to be completed together and the lender will ask them for details of any current debt.

AnchorDownDeepBreath · 16/10/2015 15:48

You can't. The broker has to go through all liabilities with both partners. If you tell the broker, they'll have to disclose it. If you don't tell the broker, you commit fraud and it'll show on the searches anyway.

The person will need to come clean before going to remortgage

LittleRedSparke · 16/10/2015 15:50

"As far as I know its a re.mortgage as current deal has expired. He doesn't want to hide it from the mortgage company, just the partner!!"

so the person wants to get a mortgage with someone and wants to lie to them? nice - thats a shitty thing to do really, could affect the ability to pay it back, could break up the relationship

I'd tell your 'friend' to come clean about the debt

willconcern · 16/10/2015 15:58

Agree that is a really shitty thing to try & do. As others say it is v highly unlikely that he/she will get away with it as banks & lenders are v hot on this.

Also, even if he/she did get away with doing this, the other party ie. the partner might have grounds for arguing that they were falsely induced into entering into the mortgage in the first place. So by doing this, your relative could end up with the entire debt to repay on his own.

It would be a very stupid and totally dishonest thing to do.

Original poster
Sparrowlegs248 · 16/10/2015 23:03

I'm totally in agreement that its a shitty thing to do. He's got himself in a real state about it. Basically built up some debt, has paid a lot of it back and is left with about ?6000. Is able to pay it and the mortgage (has been doing for a few years) Its only because their fixed term is finished that it is becoming an issue. He doesn't want to tell her now having kept it a secret for so long. Just wants to carry on paying it a(and the mortgage) until its gone. He's really not keen on telling her.

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