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  • Peer to Peer Lending

    Impact of Peer-to-Peer borrowing on credit score

    I am considering borrowing money from a Peer-to-Peer lender for use as a deposit for property purchase.

    However, I am not sure whether this borrowing will nagatively affect my credit score as a personal loan from a bank does. If so, then it may prevent me from getting a mortgage.

    Many thanks for any answers / comments in advance.
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    If the company lending to you (your deposit) does all the usual bank credit checks etc then that will leave a footprint on your credit file and might affect your credit score slightly.

    The bank might also then want to know details of the loan also which might put them off lending.

    If its fairly private (like family lending) or if done after you've been agreed for a mortgage on a property, it might not have the same affect.

    regards Andrew.
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    regards Andrew Peers - property investor / sourcer - 07912674181

    a.peers@seamlessproperty.co.uk

    Property Redress Scheme Number 011436     NLA member 174404