Need to Buy a New Car

TJParsons

So the plan all along for my partner and I has been to buy a house with no outstanding debt, and financial commitments limited to Childcare and my Student Loan payment each month. Somewhat inevitably, the car has decided to pack it in right before we begin the process (plan has always been to get a new car once we have have successfully purchased a house) which as you can imagine, is incredibly annoying.

For reference, our combined income is £58,500, our monthly commitments (CC and SL) are £748 and we are looking to buy a house valued at £200,000, on the HTB: Mortgage Guarantee scheme.

Would starting a new finance agreement completely kill our application, or will we still be able to proceed with a mortgage application due to the difference in affordability and required mortgage?

Thank you very much in advance.

chelseablue

Do you mean brand new?


Just thinking you could buy a car for a few hundred cash then when you've moved in sell it on and buy something newer

TJParsons

Considering a couple of options really. One is like you said, buying a cheap runaround for a couple of months, but if it isn't going to kill our application it might be better to get the long term car we were planning to get eventually anyway.

CKhalvashi

It's more than possible to get a decent long-term runaround for around £1000.

Try bangernomics. I think the record is 7 years from a £200ish Astra.

AnotherJoe

Or just rent one for a couple of months.