Saving for mortgage but car issue?

ktcoil

Hi guys me and my partner are currently saving for a morgage, we both have the govourment isa and I'm in a good rythem of saving now 😀 Only issue is my car seems to have a few problems it's a ford AK which is 2003 year so quite old, my mot is due next month so was gonna take it in earlier than date and see if it fails and what it feels on so I know how much it will cost, my partner reckons it's the gearbox or clutch as its when I go in 1st,2nd,3rd or 4th gear it makes a bit of a rev gear like it's not going in gear or I am in the wrong gear, also a few other bits.

My question what is best to do, I was looking at getting a morgage about Dec/Jan but sort of need.a car, would be be ok to go a car place like the car people and get a car possible take a loan for £8000 with my bank?

Thanks

Pixie5740

Yes it's possible for you to apply for a loan with your bank. Your bank may or may not offer the most competitive rate and/or incentives. The loan will impact your affordability when you come to apply for a mortgage later in the year which may or may not be an issue depending on how much you are trying to borrow.

ktcoil

Thanks yes looking at about £8000 for a new ish Nissan Juke, with what faults my car has it could be over £1000 to fix and not worth it as very old car and car is not worth a lot, also had experience where I did this before payed money out and then something else just as big went and they said this would cost about £3000 so just scrapped it.

AdrianC

Your clutch is slipping. It'll cost you a few hundred quid to replace - and it's not part of the MOT anyway.

Even if you do replace your car, you do not need to borrow £8k to do so. By all means, borrow that much if you want to, but taking out a substantial debt like that WILL have a major effect on what mortgage lenders see as your affordability - and rightly so.

hazyjo

£8k? As above, no need to spend that. Sometimes we can't always buy what we want. Can get a 2 year old Fiesta for less than £6,500. Lots of smaller choices too - smarts, KAs, etc. I'd like a Peugeot RCZ or even a Kia Soul, but unfortunately my budget doesn't stretch that far - well, it could, but I would have to compromise on things I value higher than a car.


Jx

Newbiebuyer2016

We have two financed cars obviously our lenders took that into our account that our income would be minus £300.

Arthritic_Toe

ktcoil wrote: »

Hi guys me and my partner are currently saving for a morgage, we both have the govourment isa and I'm in a good rythem of saving now �� Only issue is my car seems to have a few problems it's a ford AK which is 2003 year so quite old ...

Is a Ford AK a Ford Ka in reverse?

I tend to buy cars for under £1000. On average they last about 2-3 years. When they break down you throw them away. Its the cheapest form of motoring.

ktcoil

Sorry yea a ford ka lol, yea that's what I did this time I got this far for £1000 and its lasted just under 2 years so not bad

chelseablue

Im sure you can get a good car for half of what you're planning on spending

jackr5

Can't be that fussed about saving hard for a mortgage if you're happy to go and spend £8 on a car?

fairy_lights

Why would you spend £8k of borrowed money on a car when you're trying to save for a deposit? Just get a cheap second hand one for a few hundred quid.