Remortgage with loan

Therealbanksy83

Hi everyone. So myself and the wife are 3 years into our 5 year fix mortgage of our first "owned" home. Previously were renters. We had the help to buy scheme with the new home,  so when it comes to remortgaging we are hoping to then pay off the help to buy scheme. Now the dilemma we have is we are early stages of 2 becoming 3, and am thinking of changing one of our cars as space will be needed. As we have 2 years left or the current fixed term, if I was to take out a 5 year loan to enable a different car purchase, would being 2 years into a 5 year loan have a drastic affect on our remortgage plans? Both have excellent credit ratings, and approx 70k household income. Any help is greatly appreciated. 

Mark_d

Having a loan shouldn't affect your remortgage plans - unless you default on loan repayment or your are looking to borrow more money on your mortgage.

RelievedSheff

The loan repayments will be taken into account with your affordability calculations so you won't be able to borrow as much money as if you didnt have the loan. But provided you still meet the affordability criteria then having a loan shouldn't be a problem.

We had a loan and three credit card balances totalling about £20k when we took out our last remortgage.