Credit Rating / Loan Advice for couples

t72439

Hi All,

We currently have a joint mortgage which is due to be renewed in a few months. We're expecting to get a better rate as we have more equity in our house now.

My partner has a car loan that is due to expire in a few months too.

I have no loans but I am looking at getting a car loan for a new car.

My question is - what affect (if any) would it have on our joint credit rating if:
1) I got a car loan, through the same company that she has her current loan with;
2) As its the same company, would it be better to get her loan extended to cover the cost of the new car?

And on a side note does getting this loan, and the checks that are done to apply for them, affect our credit rating for when it comes to our mortgage renewal quote?

Cheers in advance!

[Deleted User]

Just about any additional credit, and the searches for them, will appear on one or more of your credit files. So yes, it can potentially affect how lenders view you.

Obviously, the more credit and debt you have, the less a new lender may be prepared to advance, particularly in the case of mortgages.

Superscrooge

I suggest delaying any additional car loan until after you have sorted out your mortgage. You want the best deal you can get on your mortgage renewal.

Taking on extra debt just before you renew your mortgage might prevent you from getting the best mortgage deal