PCP deal just before Mortgage

[Easty-5]

We are currently going through the mortgage process. We have our AIP, missives are concluded and the full mortgage application should be going through in the next month or so.

The missus needs a new car. I have done the maths 100 times and affordability isn't an issue (including the mortgage repayment etc etc). However, if we take out a PCP deal (£240PCM) then is it likely to have a negative impact on our mortgage application?

[Evil Monkey]

Underwriter here - It's certainly going to affect the maximum loan available to you but whether or not this is going to make your application fail the lender's affordability criteria is impossible to say without knowing the full details of your application. Sorry I can't be of more assistance buddy.

[Easty-5]

Fully understood. Thanks for posting.

Having a think about it, it's pretty impossible to give an answer, like you say, unless you know the full criteria etc etc. I'll drop my broker an email tomorrow.

[rix]

I'd wait a month! Mortgage in place will give you some certainty....

[Defcon5]

Yeah I'd definately wait- even if you have to rent a car for a month!

[blank]

A £250 per month lease knocked £30k off my maximum available mortgage so it can make a pretty big difference.

[Easty-5]

Yea we are just going to hang fire. No sense at all in risking it.