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FTB mortgage - New car
tr54vrs
Posts: 38 Forumite
Hi,
My partner and I are looking to get a mortgage in the next 6 months, if not sooner.
My partners car is due for a change round about the same time as its on a PCP deal.
Would changing the car now have any effect on us getting a mortgage?
The car is likley to cost less per month than the one she has now.
Cheers
My partner and I are looking to get a mortgage in the next 6 months, if not sooner.
My partners car is due for a change round about the same time as its on a PCP deal.
Would changing the car now have any effect on us getting a mortgage?
The car is likley to cost less per month than the one she has now.
Cheers
0
Comments
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The committment whatever it is. Will be factored into the affordability calculation that the lender makes. So no it won't affect your ability to obtain a mortgage. Though may effect the amount you able to borrow.0
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If anything it will tip the affordability a little more in our favour.
Will this affect my partners credit rating?
Bear in mind the last credit search on her account will probably be when taking out the PCP deal in 20110 -
It's practically impossible to say if an alteration will make a difference to how you'll be viewed by a mortgage lender.
If you are going for 95%, been at four different addresses in the last three years and only in current job for five minutes at time of application, it may make a difference. You may have been declined for that regardless, though.
It really depends on the strength of the overall application and the lender you use.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ok thanks for the responses folks0
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