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New car PCP and mortgage affordability
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khanji17
Posts: 133 Forumite
Hi All,
We have our house on the market, awaiting a sale and then looking for a house for ourselves. As its a chain, the market is slow in our area, it may take a few months before we move to our new home. We need to get a car on a new PCP agreement, my question is, how much will it affect our mortgage application? At the moment, we have slightly more than £1000 left over monthly after all the expenses, once we take out the PCP, this will come down to £750. The mortgage that we go for, will still be covered in that money.
It will be a joint application, in my and my husband's name. My question is, how bad is it an idea to get the new PCP contract now rather than waiting for us to move house, which can potentially take 6 to 8 months?
We have our house on the market, awaiting a sale and then looking for a house for ourselves. As its a chain, the market is slow in our area, it may take a few months before we move to our new home. We need to get a car on a new PCP agreement, my question is, how much will it affect our mortgage application? At the moment, we have slightly more than £1000 left over monthly after all the expenses, once we take out the PCP, this will come down to £750. The mortgage that we go for, will still be covered in that money.
It will be a joint application, in my and my husband's name. My question is, how bad is it an idea to get the new PCP contract now rather than waiting for us to move house, which can potentially take 6 to 8 months?
0
Comments
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Depends on your numbers really, if they are tight on the new place and there is a chance you wont be able to secure a high enough mortgage then I would wait.
Do you actually NEED a another new car on a PCP deal, or can you buy a cheaper car and make do, or is your current PCP deal ending soon and you have to give the car back?0
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