Turning down offered loan

M18959

Hey everyone,

Hoping someone can help me out.

I recently applied for a loan, was accepted and I am currently waiting for the agreement to come through for me to sign and return.

However, I have been offered the amount I needed by my partners parents rather than take out a small loan.

If I now turn down the loan, will this affect my liklihood of being accepted for a mortgage by the same bank in 2/3 years? I.e will they see me changing my mind as a negative?

Thanks in advance for any thoughts/advise

Matt

andyfromotley

Ni i doubt it. i think its a trivial matter.

blenz101

Provided you correctly cancel the application nothing more than the initial credit search will appear on your credit reports.

Whilst nobody here can truly say how a bank would score a customers behavior applying then cancelling a product is very very unlikely to be a criteria they use to measure you.

The bank exists after all to lend you money and sell you these products - so long as you represent a good risk to the bank, and a cancelled loan application does not affect this profile.