Car Loans ( PCP ) Moving from one to two

DE_612183

Hi, I've got a PCP agreement with a garage for a Car, I'm looking to exchange the car for two smaller vehicles, but the overall finance will remain the same.

In terms of credit risk and mortgage applications - am I likely to be looked at any differently by doing this?

The borrowing is the same so I would presume that for affordability there is no change, but I will have one extra credit item on the report?

Thanks in advance for any insights!

Grumpy_chap

When do you anticipate applying for a mortgage?
Are you able to wait in changing the vehicle(s) until after the property purchase is complete?  With mortgage applications, assuming the affordability is not an issue, lenders do like to see stable finances.
What is the reason for the change of vehicle and going from 1 to 2?  If you NEED the change in arrangements for vehicles, then you NEED it and need to carry on, managing the impact on mortgage lending when that point arrives.

DE_612183

Grumpy_chap said:

When do you anticipate applying for a mortgage?
Are you able to wait in changing the vehicle(s) until after the property purchase is complete?  With mortgage applications, assuming the affordability is not an issue, lenders do like to see stable finances.
What is the reason for the change of vehicle and going from 1 to 2?  If you NEED the change in arrangements for vehicles, then you NEED it and need to carry on, managing the impact on mortgage lending when that point arrives.

Thanks GC, Mortgage will be in about 3-4 months time, I currently have a vehicle which I'm downsizing, and as mu daughter also needs a car I figured that replacing one with two of equal value makes more sense than actually increasing the "debt"