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Mortgage / Deposit / Car Loan Implications?
Sjb_2190
Posts: 1 Newbie
Hello, as my first post within this forum I'm looking for a bit of advise/clarity on my situation.
Im looking to apply for a mortgage in around 9 months time, I am due to take a car allowance for my work within the next couple of months and. I intend to take a loan rather than finance for this car.
Some background info:
I have a personal car worth approx £12,000 with no credit it against - it does not conform to the rules of my company for car allowance, selling it now is NOT an option. I am going to sell this car in around 9 months to use the money + savings for a mortgage deposit.
My salary + car allowance will be around £32k when I apply for a mortgage. My partner will be on the mortgage as well with an additional 16k salary.
I intend to acquire a loan to fund my company car, for various reasons, easy sell ability, buying privately cheaper etc etc... What I want to know is if this will look worse on my mortgage application than if I was to just get a let/finance from a dealership. E.G. I don't want it to look like I've taken a loan out and moved the money around to use for my mortgage when I sell my personal car in 9 months?
When I apply for the mortgage it will be on a house at around £150k, il have a deposit of about 20k when I sell my personal car combined with savings. Il have the loan running still with payments of £250 a month. Our combined salary will be £45k + or - slightly.
Will I be in a good position to get the mortgage and will the loan cause me grief? Sorry that this is a bit of a novel, couldn't really think how to word it short haha.
Im looking to apply for a mortgage in around 9 months time, I am due to take a car allowance for my work within the next couple of months and. I intend to take a loan rather than finance for this car.
Some background info:
I have a personal car worth approx £12,000 with no credit it against - it does not conform to the rules of my company for car allowance, selling it now is NOT an option. I am going to sell this car in around 9 months to use the money + savings for a mortgage deposit.
My salary + car allowance will be around £32k when I apply for a mortgage. My partner will be on the mortgage as well with an additional 16k salary.
I intend to acquire a loan to fund my company car, for various reasons, easy sell ability, buying privately cheaper etc etc... What I want to know is if this will look worse on my mortgage application than if I was to just get a let/finance from a dealership. E.G. I don't want it to look like I've taken a loan out and moved the money around to use for my mortgage when I sell my personal car in 9 months?
When I apply for the mortgage it will be on a house at around £150k, il have a deposit of about 20k when I sell my personal car combined with savings. Il have the loan running still with payments of £250 a month. Our combined salary will be £45k + or - slightly.
Will I be in a good position to get the mortgage and will the loan cause me grief? Sorry that this is a bit of a novel, couldn't really think how to word it short haha.
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