Loan/mortgage application question...
Discussion
Hey,
My fixed rate ends on January 1st 2015, so I'm looking to change deals onto a better rate that's fixed again. Which may mean moving providers. However, I would also like to change car, currently I've got a Cayman S on a pcp that I owe just under £19k on, car is worth around £25-27k, the 2 cars (both 964) I am interested in are £30-32k.
The question is, if I change my pcp to a loan or finance on the new car, will this affect changing my mortgage deal?
I've got money to potentially make the difference up in cost of changing the car, so it could be that I'm borrowing the same amount, just a new agreement.
The obvious answer to my question is yes, especially if I increase borrowing on the car, but what if I don't change how much I owe? The amount of debt stays the same, just on new agreement.
Thanks in advance
My fixed rate ends on January 1st 2015, so I'm looking to change deals onto a better rate that's fixed again. Which may mean moving providers. However, I would also like to change car, currently I've got a Cayman S on a pcp that I owe just under £19k on, car is worth around £25-27k, the 2 cars (both 964) I am interested in are £30-32k.
The question is, if I change my pcp to a loan or finance on the new car, will this affect changing my mortgage deal?
I've got money to potentially make the difference up in cost of changing the car, so it could be that I'm borrowing the same amount, just a new agreement.
The obvious answer to my question is yes, especially if I increase borrowing on the car, but what if I don't change how much I owe? The amount of debt stays the same, just on new agreement.
Thanks in advance
Whether the borrowing changes or not, the bigger issue since you took your last mortgage out is MMR, that came into effect in April this year.
There are lots of people finding out right now, that what was granted and deemed affordable a few years ago will no longer be accepted.
It entirely depends on the figures involved Eg your LTV, your balance, your income and your commitments (which is where all the biggest changes have been).
There are lots of people finding out right now, that what was granted and deemed affordable a few years ago will no longer be accepted.
It entirely depends on the figures involved Eg your LTV, your balance, your income and your commitments (which is where all the biggest changes have been).
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