As title really.. having car problems and thinking about upgrading which would mean paying off an existing debt (3k) and lending 5/6k. Would this do any damage for me when I'm hoping to buy a house and take a mortgage at the end of the year..
As title really.. having car problems and thinking about upgrading which would mean paying off an existing debt (3k) and lending 5/6k. Would this do any damage for me when I'm hoping to buy a house and take a mortgage at the end of the year..
Thisyes will affect affordability calculations
ThanksI posted a thread on this a few months ago. We took out a 25k loan about 2 months prior to applying for a mortgage. We had no issues in being given a mortgage as it was just factored into affordability criteria
Not sure my car is going to hold out really.. ideally wanted to just keep it but going to end up trading it in and trying to upgrade while I'm at it.what not just wait till the end of the year and take out a larger mortgage, I'd suspect your loan isn't going to match the mortgage interest rate
or if you do take a loan out earlier then you could repay it early once you have the mortgage
I posted a thread on this a few months ago. We took out a 25k loan about 2 months prior to applying for a mortgage. We had no issues in being given a mortgage as it was just factored into affordability criteria
That's good to hear, I need to remortgage, and got about 10k on credit cards but the amount i want to borrow is less than 4x annual salaries, and we have low outgoings (no kids/other finance etc)I posted a thread on this a few months ago. We took out a 25k loan about 2 months prior to applying for a mortgage. We had no issues in being given a mortgage as it was just factored into affordability criteria
Why are you lending someone 5-6k if you've debt to pay off and a car to upgrade?