Locked in product transfer, ok to get car finance?

Rhooobarb

My 5 year fix ends in Dec. In June I locked in a product transfer with current lender to start when the current one ends.  In the meantime my car has finally died.  I have found a good deal on a new car and can afford the payments with the new mortgage, intending to pay off the car in next two years when the 0% interest offer ends.  However, I'm nervous about taking out finance so close to when the remortgage is about to begin as I will have a debt and a credit check for the finance- will my lender suddenly disallow my remortgage? Am I worrying unnecessarily?

al3xp

If it's a product transfer with your existing lender (not a remortgage) they don't normally even run a credit check afaik.

Who is the lender? Others on here may know for sure.

Rhooobarb

Thanks for your reply.  It's Halifax.  

al3xp

I have a product transfer pending with Halifax too. Mine starts on 1st November. I haven't seen any credit checks on Credit Karma or Clearscore show up since I arranged it and don't expect any. I've taken out Paypal credit since then.

SensibleSarah

I've done 5 product transfers with my lender in a row over the last 13 years and never been credit checked. You'll be safe enough I reckon. 

dougson

If it helps I'm with Halifax, also in the product transfer position and took a 10.5k loan last month to pay for a bathroom. It's showing on my credit report, but they don't seem at all concerned about it. I haven't gone out of my way to tell them, but I haven't hidden it either. They didn't ask any questions about future financial plans at the time of the switch, so I reckon you're all good.

Will of course update this thread if anything changes when my new product kicks in on Oct 1st

amnblog

Halifax will not concern themselves with your dead vehicle arrangements. Only if you are borrowing extra or shortening your mortgage term. Not on a Product Transfer.