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Car Loan and Mortgage
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Hello,
Hoping to get some advice if possible.
I currently have a lease car and the contract ends this year so looking to get a car loan to fund getting a new/used car. Around the same time, we’re looking to buy a house so will be applying for a mortgage (first time buyer).
I’ve read that getting a car loan can affect the chances of getting a mortgage as it’s seen as a change in financial circumstances. Will this badly affect me if I’m already paying a monthly amount for the lease and looking for a car loan with the repayments of the same monthly value of the lease?
Hoping to get some advice if possible.
I currently have a lease car and the contract ends this year so looking to get a car loan to fund getting a new/used car. Around the same time, we’re looking to buy a house so will be applying for a mortgage (first time buyer).
I’ve read that getting a car loan can affect the chances of getting a mortgage as it’s seen as a change in financial circumstances. Will this badly affect me if I’m already paying a monthly amount for the lease and looking for a car loan with the repayments of the same monthly value of the lease?
0
Comments
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I'd use the opportunity to end the lease and buy a cheap car for cash, to put yourself in the best possible position.
Getting new finance, even if replacing other finance, isn't a great look when applying for a mortgage.1
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