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Mortgage application and pcp
fluffy_kitten81
Posts: 2 Newbie
I'm in the process of buying a house and have just had a mortgage agreed by santander.
At the same time the PCP on my car is at the premium point of renewal/change. The new car pcp would be £118 more than current agreement.
My question is, will agreeing to this now, before house completion affect the mortgage offer?
At the same time the PCP on my car is at the premium point of renewal/change. The new car pcp would be £118 more than current agreement.
My question is, will agreeing to this now, before house completion affect the mortgage offer?
0
Comments
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The general advice is always to not increase your credit commitments before completion.How close to the limit of what you could borrow are you?0
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It could.
If you are lending top end of affordability, then yes it will likely have an affect. If you are some way short then it should be ok. But it will also involve a credit check and that could also have an affect.
Basically if it passes affordability, it will likely be fine - but not advisable.
If it doesnt pass affordability with the new higher commitments then its going to be a problem.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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