Mortgage Acceptance Help

chriso3388_2

Hi everyone! New to posting on the forum but have been a regular visitor of the site!

Myself and my fianc! have recently bought a new build property which will be ready September this year. Having been accepted for our mortgage, there was two conditions attached to it. One, pay off Halifax loan number ******** and two, pay of Creation Finance loan number ********.

The Creation Finance loan was for our car that we have at the moment. What I need to know is, if we trade our car in and the dealership clear our outstanding debt, which is roughly £1700, and I open a new finance agreement with a separate finance company for another vehicle, do I have to let my mortgage provider know or not since I already have my mortgage offer??

I would hate to sign for a new car to find out will affect the purchase of my new house

Any help would be massively appreciated.

kingstreet

Presumably the affordability for thew new mortgage was based on you repaying the current finance arrangements and having no finance arrangements in future?

You are routinely advised on here not to apply for any new credit between applying for a mortgage and its completion. A routine audit by the mortgage lender, perhaps even after exchange of contracts on a newbuild, could see your case reviewed and possibly even your offer withdrawn.

chriso3388_2

So its best just to leave the new car and wait until after all mortgage arrangements are finalised and signed in September before looking at any other car?

We are fortunate enough that our current car is working in perfect order, however the new car was very nice and had all the extras never mind, I suppose, better safe than sorry

kingstreet

Yes.

Wait until after completion.