We just got a new car (yay) but nay for te house buying lol just wondering how much it sets you back? To buying your first home (we will have our first deposit that is required BY Xmas well amount we want etc.....
If we have that and can afford repayments it shouldn't be a problem or is it
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04-04-2013 06:21 #1
Car loans & home loans
04-04-2013 10:09 #2
I believe any car or personal loan reduces the amount of your income remaining that would be available to pay a mortgage (from the bank's point of view, and actually). Similar to how any credit cards they calculate the minimum repayment if it were maxxed out and reduce your available income by that.
If you consider yourself 'borderline' for the loan you are seeking then it may impact the value of the loan the bank would let you have - but it depends on so many things that it is really hard to say.
06-04-2013 22:37 #3
Unfortunately it could affect it but like the pp said a lot of things are taken into consideration. The more expensive the loan the more likely it is to affect. But having said that most people have car loans as well as a mortgage.
We had a car loan when we got our mortgage. It was only small though. We had no credit cards or personal loans.
The banks want to know EVERYTHING when you apply for a mortgage.
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