Finance Q&A - Eligibility

Does car finance affect mortgage?

Arthur

Answer from the Stoneacre finance team:

Car finance will affect your mortgage. That’s because mortgage providers look at what loans you’ve taken out and how you’re managing your finances (whether you’re paying back on time, the amount you’ve taken out and the likes). 

Also, they look at how affordable car finance is for you, and whether adding mortgage payments on top of this will be too much. In this case, the chances of being approved for a mortgage loan are slim. 

If you’re looking to get both the car finance & mortgage, then consider affordable cars with lower monthly payments, so that you have a higher chance to get mortgage. Make sure to apply at different times, because applying for loans left and right, at the same time will lessen your chance of getting approved. 

A soft search check could help you if you’re curious about car finance, but don’t want to fill in a full application.

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