DP had a dmp from before we met, which is due to be paid in full in the next couple of months.
We kept our finances separate on paper, so that
my credit wasn’t affected but we pay everything jointly, including the mortgage which is in my name. My main account acts as the ‘joint’ account, all bills come from there and he moves money for bills, shopping + savings for house stuff into that one.
I also have a ‘good’ loan in my name which was used for some home improvements, and affects my affordability. When I come to remortgage, my income alone won’t be enough to borrow the amount needed to remortgage, based on some of the calculators.
The intention was always to join finances/add his name to the mortgage once his credit was better, so not to affect mine. The dmp provider has told him it will come off his credit report ‘straight away’ once it has been paid in full, and I’d like to get some advice on the next steps, ie is it better to wait a while before joining finances generally? Not sure if it depends on a lot of other factors or if there are some general ‘rules’ around this.
For the mortgage, would a recently completed dmp mean he wouldn’t be accepted? Is it complicated to remortgage jointly, if it’s been in my name for so long? Last time I remortgaged, he had to sign one of those ‘no interest in the property’ things, so assuming we go with a different bank this won’t matter?
Appreciate people may not be able to tell me exactly, but I would like to get a general idea so I can plan ahead as the mtg fixed rate ends soon, plus it would make life a lot easier to have an actual joint bank account we both have access to.