Mortgage & Car Finance

bowlhead99

poppasmurf_bewdley wrote: »

Op, you could rephrase your question:

I've just got one load of debt, how soon can I get another?

Not really though, because the most recent 'load of debt' is a mortgage, therefore secured and literally 'safe as houses' from lenders perspective, and presumably either replaces an existing mortgage or a rental commitment, thus may not have impacted OP's monthly committed cash outflow one iota.

The mortgage may well be for tens or hundreds of thousands, but this is a completely different prospect from taking out an unsecured loan or high limit credit card and then immediately asking for another one straight away.

I agree with the other posters that some more facts and figures would be useful, but personally I would at least wait until the mortgage 'offer' has turned into an actual mortgage. It would be silly to have an offer on the table for an important and large house loan, then lose it by changing your credit profile through taking on a small car loan.

Once the mortgage cash is fully complete, give it a month or two for your new address to be on your credit file (or if just remortgaging, for the old mortgage to be marked as settled) before applying.

Others may say wait 6 months but imho you might as well apply sooner; there is not necessarily a 'golden rule', if you get rejected at least the clock is ticking for you to reapply later.

chanz4

Don't forget some lenders do last min checks before releasing funds!