Car Loan and Mortgage Timings

TamsinEls

A bit of advice would be great. 

I am waiting for a mortgage to complete this week - the money is being drawn down on 23rd for completion on 24th. 

At the same time, my car’s MOT is done and as we’re at the 9 month mark from the first date of offer, my intended timelines were that I would buy a car using a loan. I meet all viability thresholds and have a good credit score - so no worries on that front. However, I was advised that I should wait for the mortgage to draw down before proceeding with the car so to not trigger a reassessment for help mortgage. The delay has been frustrating and I have a new car I’ve ordered and it’s waiting for me. 

As the funds are being released to the solicitors on 23rd, does this mean it’s okay to move forward? Or shall I wait for the funds to move to the vendor and we have fully completed? 

[Deleted User]

Don't take out any more credit until you've completed, unless the car is also big enough for you to live in.

TamsinEls

Thanks - I think I’m trying to ask what completed in terms of the bank means - the money will have gone to the solicitors by Wednesday, and with the vendor on Thursday. So will the banks be doing any further credit checks once they have released the cash to the solicitors? What mechanisms are there for the bank with check any further once the cash has left their account? 

MWT

Wait the extra day, it is not done until the money reaches the vendor's account and the keys are in your hands...