Potential loan after ReMortgage

shayne66

Hi all, we are currently looking at swapping our mortgage deal over. It's a rate switch with our existing lending that should be completed soon and start in June/July. 

Also we are thinking of trading my misses car in and taking a personal loan out to provide funds to get her something newer. (Shes had her current car for 5/6 years now)

As we have a mortgage deal that's not finalized are we best waiting a few months until the mortgage is sorted before applying for a loan ?. 

[Deleted User]

The perceived wisdom would say around 6 months.

[Deleted User]

5-6 years for a car (assuming bought new) is not automatically a good reason to swap the car particularly by getting into debt. The average car age at scrappage is 14 years. If it runs well and is looked after, why not keep it?

shayne66

The car was bought used and has now reached a ripe old age of 11 1/2 years. 

Whilst it's been a good car would be nice to change it whilst it has some trade in/private sale value left in it (Abarth 500 with 65,000).

Also, with the mortgage a 5 year fixed rate we'll understand what outgoings we have. Loan wise, wouldnt be too much. But that depends on rates etc.