Car finance/Lease and Mortgage Question

glentoran99

rags2riches wrote: »

Could I not just lease a decent vehicle for the period we are living with the parents? Monthly costs are lower than buying and I still get a decent car?

You could but will still be an expense taken into consideration when getting a mortgage

rags2riches_2

glentoran99 wrote: »

You could but will still be an expense taken into consideration when getting a mortgage

Thanks.

Leasing will be the difference of paying £250 per month instead of £450 so guess it all helps though I agree still not as good as buying a cheap reliable old car. Choices choices.

TJParsons

rags2riches wrote: »

This would be the sensible idea of course but I do want a decent car as I haven't had the pleasure of owning one for over 6 years.

It's not a class of 'wanting it all' I just want to have a decent car without negatively impacting my mortgage payments.

I'm afraid it is. Our car broke down months back and I've been driving a £500 Ka since to avoid compromising our mortgage application. We are on course (touchwood) to complete on the 16th December, at which point I will look at getting a new car, but until then it's a necessary evil for buying a house. You're at an advantage living at home, make the most of it.

fudge7000

Cheap banger now, once moved into new house, then get finance for different car, it won't be for long and will help with your affordability for the mortgage.