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hi there, i have mortgage related question on finance (owed) and my new mortgage application |
basically the company gave me a budget per month to get a car, i got one costing £360 pm but im now applying for a mortgage and this is holding me back. i havent spoken directly to the bank (used their online calculator!) but i wouldnt want to embaress myself first without knowing where i stand. i recieve each month thru my employers a standing order to cover the cost ofthe car. this is paid direct into my bank acc so really i am debt free but will the bank see it that way or am i just being silly???
any help to clear this up would be much appreciated
nicole
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Re: hi there, i have mortgage related question on finance ...
By the Company – I am thinking you mean your employer? I will assume this means you have a company car and this is why they are paying £360pm into your bank account each month to cover our monthly finance charge?
Mortgage lenders will always assess what they feel is the "risk" of lending you this money.
The vehicle purchased by finance agreement is now your responsibility to repay, regardless of whether you remain i your current employment.
Talk to the bank and explain the situation as they should be able to give you a better idea.
You could always get a letter from your HR Department to confirm the arrangement you have in regards to the car and take this with you when you see your bank
The decision to lend will depend entirely on the lenders assessment of your overall financial circumstances, bear i mind also that each lender may have different views
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