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Will car finance effect a mortgage
clayton16749
Posts: 205 Forumite
Hello
Our current fixed deal on the mortgage runs out next year and we then revert to the SVR, or take out a new deal.
If I was to get a new car - likely to be on a personal contract purchase - is it likely this would mean lenders would see me as more of a risk and potentially we wouldn't get as good a deal on a new mortgage?
Many thanks
Our current fixed deal on the mortgage runs out next year and we then revert to the SVR, or take out a new deal.
If I was to get a new car - likely to be on a personal contract purchase - is it likely this would mean lenders would see me as more of a risk and potentially we wouldn't get as good a deal on a new mortgage?
Many thanks
0
Comments
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If you were looking to change to another provider then a lender will certainly factor the monthly repayments on the car finance in to affordability.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Yes. My daughters car finance affected it including the final sum to be repaid on a PCP even though it wasn't obligatory to pay that.0
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You are always in negative equity until the end of the termDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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