Tips to Minimise the Impact:
- Pay Down Existing Debts: Reduce your car finance balance or clear the loan if possible before applying for a mortgage.
- Avoid Missed Payments: Maintain a perfect repayment history on your car finance to strengthen your credit profile.
- Check Your Budget: Ensure you can comfortably manage both car finance payments and a potential mortgage repayment.
- Consult a Mortgage Broker: They can provide tailored advice on how car finance might affect your application and suggest suitable lenders.
By managing your car finance responsibly and planning your mortgage application timing, you can minimise any negative impact and increase your chances of securing the mortgage you need.