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Loan + Mortgage
Hi Guys,
Im in the middle of applying for a change of equity for my mortgage that I’ve had 6 years with a friend and not missed any payments. I also have two defaults from 5 / 6 years ago during a tough period and a young naivety to finance. Since then I have zero missed payments on any credit account.
Nationwide are taking a considerable period of time to make a decision (Its been three months already) and in that period my car has broken down beyond re-pair. Im considering taking out a loan as I simply cannot last any longer without a car for work, I’m reluctant to getting a cheap banger and having additional costs relating to a old car (Due to my recent banger just breaking down again).
Will this adversely effect my ability to get a mortgage with Nationwide as I know too many credit applications can? Also I have a offer in principle with Which as mortgage advisor at a higher rate will it effect that?
Im in the middle of applying for a change of equity for my mortgage that I’ve had 6 years with a friend and not missed any payments. I also have two defaults from 5 / 6 years ago during a tough period and a young naivety to finance. Since then I have zero missed payments on any credit account.
Nationwide are taking a considerable period of time to make a decision (Its been three months already) and in that period my car has broken down beyond re-pair. Im considering taking out a loan as I simply cannot last any longer without a car for work, I’m reluctant to getting a cheap banger and having additional costs relating to a old car (Due to my recent banger just breaking down again).
Will this adversely effect my ability to get a mortgage with Nationwide as I know too many credit applications can? Also I have a offer in principle with Which as mortgage advisor at a higher rate will it effect that?
0
Comments
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It's never wise to take on more credit until the mortgage is agreed.0
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Buy a banger in the mean time and sell it once you take out a loan after the mortgage has completed.
You will be able to sell for more or less what you paid for it and if it lasts 6 months then you won't go far wrong....there are lots of cheap cars for sale, try and get a private one thats being owned for a long time and serviced."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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