Close to completing and need new car

Grenage

dirty_magic wrote: »

The OP hasn't given enough detail for anyone to say they don't need a car. If the old one is written off or not able to be repaired and they can't get public transport to work then they do need a car.

The OP might need a car, but the point everyone is making is that the OP doesn't need to buy a new car.

Which of course, they don't.

westernpromise

csgohan4 wrote: »

simples, live in your new house or live in a car? which would you prefer?

You can live in your car, but you can't drive your house. I'd have the car.

kingstreet

Standard advice to all.

No new credit between applying for a mortgage and completion.

It may do no harm whatsoever, but it certainly can't do any good, so avoid.

lisyloo

4 and a half years ago I bought a car for £250 and I'm still driving it.
(I can afford a new one but I'd prefer the money goes into my pension).
There are many options for you i.e.


buy a cheap car short term
buy a scooter/small motorcycle
Get the bus, train, taxi, cycle, walk, get a lift, borrow a car, electric bicycle, car share scheme
hire a car short term if you really can't manage without one

foxy-stoat

I bought a car for £2200 and is perfectly good enough to drive for the next few years doing at least 15,000 miles a year.

Suggest you buy something cheap until you NEED a better car.

TBagpuss

Like others, I would advise against it.

it does of course depend on the figures.

is the amount that you are borrowing by way of mortgage at the top end of the amount the lender was willing to lend? If yes, then don't take on new credit until after completion.
If you have a large deposit and te amount that you are borroowing is less than than the amount the lender would have been prepared to lend you on the proeprty that you are buying, then a small amount of aditional borrowing is less likely to be an issue and it is probably also less likely that they will carry out a credit check.

In your place, i would if at all possible wait until after the move to buy a new car, or alternatiely buy something you can afford without having to borrow.

When I was selling my last house, the first buyer I had had their mortgage offer withdrawn just before we were due to exchange, because he failed a late credit check. It can happen.

r66bby

Sorry to bring up a old post.
Just a quick question regarding credit after completion. I have read moving house lowers your credit score for around 6 months until you can prove you can make the payments. Is this correct?

glentoran99

r66bby wrote: »

Sorry to bring up a old post.
Just a quick question regarding credit after completion. I have read moving house lowers your credit score for around 6 months until you can prove you can make the payments. Is this correct?

It might, but lenders don't see your score,