Changing car before mortgage completion?

pinder325 · 10 April 2018 at 3:43PM

So I have a mortgage offer but will not be completing for a few weeks.

I currently have a car that I got a personal loan for a few years ago. I want to sell that car, pay off the remaining loan and then get another personal loan to buy a new car with.

Is it a bad idea to do this before I complete? Could this affect my mortgage offer or should I be ok?

Thanks

Mortgage_Adviser · 10 April 2018 at 3:53PM

Wait for the mortge to complete. It is never a good idea to apply for new credit before your mortgage has completed.

chelseablue · 10 April 2018 at 4:56PM

We were in the same position 2 years ago.

A month before we were going to complete on our house my partner was in an accident and his car was written off.

We decided to wait until moving in before we got him a car, just in case

Luckily he had a courtesy car for most of that time

Supersy · 11 April 2018 at 2:55PM

Advice is NO new credit between mortgage application and completion.

lisyloo · 11 April 2018 at 3:40PM

MSE advice would be to save up for a new car if you have one that's running rather than taking a loan.
Do you need to change your car right now?

Changing car before mortgage completion?

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