What to do when buying a home with a partner

Buying your first home with a partner, and getting a mortgage together, can mean there’s a lot you’ll need to agree on – from furnishings to finances and more.

Compromise will inevitably have to be reached regarding the area you choose, the layout, the size, how long you intend to be there and several other factors. Do you need to be near a good school? Is it important to be close to a train station? Buying together is likely to mean an element of give and take in many departments like this.

Making sure that you’re financially able is important too – would buying a property stretch your budget to breaking point? Not only is there a mortgage to think about, but also one-off costs like solicitor’s fees, as well as regular bills & maintenance costs.

Your credit rating can be an important factor here.  In general, the higher your credit score, the better your chances are of getting your mortgage, lower interest rates, and better deals.

If you’re applying to have a joint mortgage, bear in mind that credit reports only become linked if two people have actually applied for credit together (eg: a joint bank account, a mortgage with two names on it) or they tell Experian or a lender that they are financially connected.

By checking your Experian Credit Report you can see if and how you are financially linked, it can also help you understand if you need a little work to tidy up your credit history before a joint mortgage application is made.

For more helpful information on mortgages, visit www.experian.co.uk/mortgages, with useful hints, tips and features.

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