Mortgage & a new Loan

Danny18

Hello all,

I was after some advice . We currently have our house up for sale and will be looking to move house this year . We will need to borrow further on our current mortgage/apply for a new mortgage to be able to afford to upszie.... but will still able to put down a 70% deposit from the sale of our current house.

I have a current personal loan that will end in about two years time. But my I may need a new car in the next 2 or 3 months. If I was to get a new loan for the a new car plus pay off the remaining outstanding balance on current personal loan.

Would this have a major impact on my ability to obtain a mortgage ? ( my monthly repayment on the loan will stay the same.

Hope this make sence.

ACG

Without having a lot more information to go off it is difficult to say. But if a 1 off credit check is the deal breaker, then you were probably borderline anyway.

The bigger question though is - Is it worth the risk?

Danny18

Thanks for the quick reply.

It dont think the credit search would be to much of an issue but more the new debt appearing on my file:)

I can hold onto my car untill we are moved I will do that But if the car doesnt make it . I was trying to understand how damaging a new loan would be for most lenders

Thanks again for the advice.

getmore4less

Why not aim to borrow more on the house?

Chances are your mortgage rate will be lower than any loan.

Probably better to transition to saving rather than borrowing for when you need things.

foxy-stoat

Whats up with your car that you think its not going to be able to drive it for any more than a few months, few thousand miles?

If you think that a credit search wont effect your mortgage then go ahead, I wouldn't risk it personally.

ACG

If the monthly repayments are the same, the balance does not matter too much.

Danny18

Thanks for the reply and sorry for the delay in my repsonce.