A bit of advice needed

mikefoster

Hi,
I am asking for some advice.


Basically, our house is up for sale and we are looking at buying a new property. We are, however, currently needing a new car as mine is an old banger and not reliable. I was just wondering whether getting a car on finance would impact our future mortgage application. We earn approx £65,000 between the two of us and have about £200 pounds owing on credit cards. All other bills are settled, no marks on credit file and no other loans or applications. Would taking a car out on a lease only deal massively change our mortgage application plans or would it be worth waiting until we have secured a new property. However, I'm not sure how long the car will last?

AndyT678

Any outstanding finance that you have will impact on the amount you can borrow for a mortgage. If you're looking for a mortgage at the top end of what you can afford then car finance could cause you a big problem.

mikey_l

Realistically speaking, you don't NEED a new car for it to be reliable. You can buy a reliable car for a couple of grand.

However, if you want a new car I'd definitely wait until the house situation is sorted for the reasons AndyT678 mentions above.