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Private mortgage and credit file

Lab11
Lab11 Posts: 3 Newbie
in Mortgages & endowments
Hi all!

I have just joined the forum and am looking forward to being part of the community, lots to read through first I think!

I am about to purchase our next house using a private mortgage - the money is being loaned to us from a family member for a couple of years at which point we will re-mortgage and pay them back (arranged through a solicitor).

Does anyone know if the repayments will be able to show in my credit file as if I was paying a normal financial institution? Obviously the standing order will prove that we have been paying.

Many thanks in advance!

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Lab11 wrote: »
    Hi all!

    I have just joined the forum and am looking forward to being part of the community, lots to read through first I think!

    I am about to purchase our next house using a private mortgage - the money is being loaned to us from a family member for a couple of years at which point we will re-mortgage and pay them back (arranged through a solicitor).

    Does anyone know if the repayments will be able to show in my credit file as if I was paying a normal financial institution? Obviously the standing order will prove that we have been paying.

    Many thanks in advance!


    no, your relative won't be reporting it to the credit agencies will they?
  • Lab11
    Lab11 Posts: 3 Newbie
    CLAPTON wrote: »
    no, your relative won't be reporting it to the credit agencies will they?

    Many thanks for your reply!

    So it is possible that they can report this?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lab11 wrote: »

    So it is possible that they can report this?

    No they cannot.
  • Lab11
    Lab11 Posts: 3 Newbie
    Thank you both for such prodigious replies and warm welcomes.
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