First Time Buyers

[l8onjones]

Hi guys,


Me and my partner have had a mortgage in principle agreed, but I just have one sticking point at the moment basically the finance agreement for my car is in my dads name and he wants it transferred to me before I leave the area, so basically I just wanted to see what the best chain of events was?


To get the mortgage sorted then the car or vice versa?


The only reason I ask is I dont want one app to effect the other basically

[Never-In-Doubt]

Re: First Time Buyers

Wait till after the mortgage otherwise they'll deduct the payments of the car against affordability.

[l8onjones]

Re: First Time Buyers

Is there a set amount of time after the mortgage that I should leave the car? Also will the mortgage have a positive impact on my credit report?

[Never-In-Doubt]

Re: First Time Buyers

Just leave the car till you've completed afterwhich you'll be fine to add it cos the mortgage will be complete so no more financial checks.

Of course the mortgage helps - it allows lenders a resource to secure an unsecured debt by way of Restriction should you fall into debt so your risk improves slightly for normal unsecured lending.

[l8onjones]

Re: First Time Buyers

Hi guys one last question now I have the mortgage offer in hand and the solicitors are working on it, am I ok to start looking to move the car over?

[SA Gold]

Re: First Time Buyers

Hi guys one last question now I have the mortgage offer in hand and the solicitors are working on it, am I ok to start looking to move the car over?

I would wait until the deal has gone through. As you will find out, house buying/selling takes a while!

[Sapphire]

Re: First Time Buyers

Wait until you've moved in, once you've done that then you can do the transfer, you don't want anything to affect your mortgage application at this late date do you.

[PlanB]

Re: First Time Buyers

one last question now I have the mortgage offer in hand and the solicitors are working on it, am I ok to start looking to move the car over?

Niddy has already answered this question for you

Wait till after the mortgage otherwise they'll deduct the payments of the car against affordability.

Just leave the car till you've completed after which you'll be fine to add it cos the mortgage will be complete so no more financial checks.

[l8onjones]

Re: First Time Buyers

Ah right thought id just check now the mortgage offer was made if I could start but it appears not, without going to specifics but me and my dad dont get on and wont let me take the car to the new property until its in my name, am i right in thinking I can apply for it at the rental property then change the address afterwards because otherwise i wont be on the electoral roll etc at the new address?

[Never-In-Doubt]

Re: First Time Buyers

Hi guys one last question now I have the mortgage offer in hand and the solicitors are working on it, am I ok to start looking to move the car over?

See below plus my email plus my previous posts

I would wait until the deal has gone through. As you will find out, house buying/selling takes a while!

Wait until you've moved in, once you've done that then you can do the transfer, you don't want anything to affect your mortgage application at this late date do you.

Niddy has already answered this question for you

^^^ SEVERAL times :

[Never-In-Doubt]

Re: First Time Buyers

Ah right thought id just check now the mortgage offer was made if I could start but it appears not, without going to specifics but me and my dad dont get on and wont let me take the car to the new property until its in my name, am i right in thinking I can apply for it at the rental property then change the address afterwards because otherwise i wont be on the electoral roll etc at the new address?

Sorry, your dad has no control to dictate this - when you say transfer it into your name, what specifically are you on about transferring cos you cannot transfer the credit agreement - so if it's the V5C you're referring do it now, no need to wait!

Please elaborate - however the sooner you find a house the better.

[l8onjones]

Re: First Time Buyers

It is the credit agreement I am on about which can be transferred I applied before last year but was turned down probably due to defaults, He can dictate this as the agreement is in his name, we have found a house offer accepted etc hence the mortgage offer from halifax all the docs are now with the solictors so just waiting on them, so the car is the final piece in the jigsaw as such

[PlanB]

Re: First Time Buyers

It is the credit agreement I am on about which can be transferred I applied before last year but was turned down probably due to defaults, He can dictate this as the agreement is in his name, we have found a house offer accepted etc hence the mortgage offer from halifax all the docs are now with the solictors so just waiting on them, so the car is the final piece in the jigsaw as such

Credit agreements can't be transferred (assigned by the borrower to another borrower, only by the creditor to a debt purchaser etc). You would have to take out a new credit agreement for the car. Your Dad will probably not want to sabotage his current credit agreement in his name because this would trash his own credit score.

Any chance you and your Dad can you sort this out amicably ?

[l8onjones]

Re: First Time Buyers

Ive already tried the amicable route as I am already paying him monthly for it and he is insitent that the finance agreement is transferred to my name, and thats the only option he will take so the simple answer to that is no, I have applied to GMAC before so basically when I did that I was applying for a new credit agreement for the remaining amount in my name?

[SXGuy]

Re: First Time Buyers

If you didn't get the finance agreed before, its unlikely you will now at this present time. Maybe after a few months of mortgage payments when your risk becomes less they may accept you. But whatever way you want us to put it to you, the fact remains, the current credit agreement will not be transferable. Yes you can pay it on his behalf, but no, the finance will not be registered in your name.

If your dad doesn't like this, ask him to telephone and ask himself. To be honest, if you are already paying the finance then its a bit unfair for him to dictate to you, whether you can have the car or not. Would he expect you to still meet the payments even if he didn't let you have the car?