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  • FIRST POST
    • pinder325
    • By pinder325 10th Apr 18, 3:43 PM
    • 5Posts
    • 0Thanks
    pinder325
    Changing car before mortgage completion?
    • #1
    • 10th Apr 18, 3:43 PM
    Changing car before mortgage completion? 10th Apr 18 at 3:43 PM
    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
Page 1
    • Mortgage_Adviser
    • By Mortgage_Adviser 10th Apr 18, 3:53 PM
    • 177 Posts
    • 65 Thanks
    Mortgage_Adviser
    • #2
    • 10th Apr 18, 3:53 PM
    • #2
    • 10th Apr 18, 3:53 PM
    Wait for the mortge to complete. It is never a good idea to apply for new credit before your mortgage has completed.
    • chelseablue
    • By chelseablue 10th Apr 18, 4:56 PM
    • 2,564 Posts
    • 2,994 Thanks
    chelseablue
    • #3
    • 10th Apr 18, 4:56 PM
    • #3
    • 10th Apr 18, 4:56 PM
    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
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • Supersy
    • By Supersy 11th Apr 18, 2:55 PM
    • 60 Posts
    • 16 Thanks
    Supersy
    • #4
    • 11th Apr 18, 2:55 PM
    • #4
    • 11th Apr 18, 2:55 PM
    Advice is NO new credit between mortgage application and completion.
    • lisyloo
    • By lisyloo 11th Apr 18, 3:40 PM
    • 22,499 Posts
    • 11,112 Thanks
    lisyloo
    • #5
    • 11th Apr 18, 3:40 PM
    • #5
    • 11th Apr 18, 3:40 PM
    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?
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