How will renting affect my credit rating

rms1

I am 63 years old and thinking about selling our property to a family member so we can be mortgage free.

We have been property owners for 40 years but we are now thinking of moving into a rented accommodation. The house is owned by another family member.

We have an impeccable credit rating and have never been refused finance for cars or credit cards etc. My question is, will my situation change should I wish to borrow any money if I am living in rented accommodation.

Tixy

It is a small factor that potential lenders will consider when making a lending decision.

But as just one of many factors that lenders consider I wouldn't personally make (or not make) a major decision based on the slim chance it could affect your ability to get credit products.