Bad credit rating

[beckmeghan]

Apparently I have a bad credit rating and this has affected our ability to get another mortgage. My husband's credit rating is good, but because of mine he was unable to take out an increase on our mortgage. Please advise the best way of sorting this. I did think of just taking my name from the existing mortgage and from our joint bank account (which i never use anyway). Any help appreciated. Thanks.

[d9f1c7]

Sorry I donly understand, you say "apparently", does that mean you do not think you should have a bad credit rating? Are you asking about correcting your current rating? If so, then it's relatively simple to to resolve. Just get your current credit report see what's doing the damage and contact those concerned and get it corrected.

[d9f1c7]

Don't!

[CheekyChops]

Firstly you need to check your credit report, as has already been said.

Secondly, you can't just take your name off the existing mortgage. Your husband would need to fulfil the lenders criteria for taking the mortgage on his own. Does he earn enough for qualify for the amount you have outstanding?

[ubasses]

Send for Credit Report and see if there is anything incorrect on it which could be put right. In case it is correct do not take you name off joint account you may have difficulty in getting another. Your husband could always get a second account in his sole name if it became necessary.
Would he qualify for the mortgage on his own? If yes, that is best way to go. If you are looking to release equity, only take the new part in his name keep yours on the old one. This will go in your favour in the future.