Loan v Mortgage Deposit

92diggers

If I have cash in savings and I want to buy a car and a house (first time solo buyer), am I better of putting as much as possible towards the deposit of the house (i.e all my savings) and getting a loan for the car (£20k) or should I pay cash for the car and reduce my deposit towards the house .

[Deleted User]

It depends.

What is your affordability like? What will your deposit % be with or without the car money?

Essentially, if you're looking at getting a mortgage, don't go getting loans for anything else.

Even better, shelve plans for any car more than a couple of grand until after completing on our mortgage.

92diggers

Thanks. Affordability is good. I essentially want to buy a camper van and a house. I am happy to rent for another year or more if it means I can have the van (lifestyle choice)

[Deleted User]

In that case, pay cash and rebuild your deposit for when you're ready to buy.