Credit check before drawing down mortgage?

[bobaloulou]

Hi


Would appreciate your thoughts on my query below

I am about to recieve(today/tomorrow) my loan offer from the bank, in which i have to sign and send back

However my car is just after giving up on me and need to get a new car, hence a loan to buy a car

My question is, will the banks do another credit check on me before i actually draw down the mortgage, and see this loan thus affectinf my mortgage

Thanks in advance

Slightly stressed!

 

[jhegarty]

Hi


Would appreciate your thoughts on my query below

I am about to recieve(today/tomorrow) my loan offer from the bank, in which i have to sign and send back

However my car is just after giving up on me and need to get a new car, hence a loan to buy a car

My question is, will the banks do another credit check on me before i actually draw down the mortgage, and see this loan thus affectinf my mortgage

Thanks in advance

Slightly stressed!

i think it depeneds on how long in between the offer and draw down...

as a tip, go over to the cars for sale section on boards.ie and pick up a car for €100 .... i am sure it will last until the house is ready...

 

[CCOVICH]

i think it depeneds on how long in between the offer and draw down...

as a tip, go over to the cars for sale section on boards.ie and pick up a car for €100 .... i am sure it will last until the house is ready...

But you would then have to flog that car when you want to buy a new car. Not many dealers will want to take a €100 car off your hands. A more expensive solution, but one that is probably less hassle is to rent for a week or two (I don't know what kind of timeframe you are talking about her).

As far as I know, the rule of thumb is that your mortgage repayments should not be more than 40% of your after tax income less any loans (cars etc.). Do the sums and see if this is still the case when factoring in a new car loan.

Alternatively, ask your mortgage advisor will a car loan make any difference to the offer, or at least how much you can borrow without having the offer rescinded.