We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Offset Mortgage Effect on Credit Rating
cm233lh
Posts: 191 Forumite
I'm taking out an offset mortgage and the lender has offered me 90% of my house value when I only need about 40%. I'm inclined to take the extra money and leave it in an offset savings account just in case it becomes more difficult to draw it down at some time in the future.
My question is, if I do that what will it do to my credit rating. Will the lender report the total borrowed, and make it look like I'm up to my eyeballs in debt, or will they report just the balance that I pay interest on?
My question is, if I do that what will it do to my credit rating. Will the lender report the total borrowed, and make it look like I'm up to my eyeballs in debt, or will they report just the balance that I pay interest on?
0
Comments
-
Doing this will have no affect on your credit rating. The main thing that would affect it is whether you repay your loan, whether its 40% or 90%0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards