car loan after mortgage offer before completion

blurr

Hi,
I have seen several threads asking about the risk of taking a loan out after the mortgage offer and before completion but nothing that quite matches the question I have.

I have a mortgage offer (60% LTV) which works out to cost approximately 20% of my available cash each month.

I have a car on finance costing X per month and am looking to change the car for another which will cost the same X each month. The total amount borrowed and period of loan is going to be about the same.

My experian score is 999 for what that's worth.

So my affordability will not change but I wonder if anyone has had experience of this type of situation as I've been offered a great deal on a car but don't want to risk having my offer withdrawn.

Mortgage offer is through Natwest.

Any advice would be appreciated.

Thanks.

kingstreet

Standard advice is no new applications for credit between applying for a mortgage and it being completed.

It may have absolutely no impact whatsoever, or it may cause an issue if your case is re-checked or pulled for a routine audit.

blurr

Thanks Kingstreet,

I wonder if it would be worth contacting the mortgage lender to 'seek approval' as it were?

somethingcorporate

Why would you want to risk your mortgage for the sake of waiting a couple of weeks to renew the car finance?

If it went to the underwriters they may give a different answer to the bods on the phone. Is it really worth the risk?

mrginge

Knock yourself out mate. After all, what's the worst that could happen.

Oh.