share save scheme

tommycooper

Hi All,
wonder if anyone could answer this for me?

can payments be increased, so long as the limit cap £250 is not hit to pay off the scheme a little faster ?

Reason I ask is the scheme I am in pays weekly, so the scheme will end in 4.6years instead of 5 years due to the 5week months during the term.

If this is the case can i pay extra into the scheme to get the payments finished even faster?

I understand it might still not be classed as 'matured' but might help when I apply for a new mortgage if they are no longer been deducted from my wages. Less deduction looks better !

opinions4u

My understanding is no. Can't increase or decrease.

I'd be surprised if it affected a mortgage affordability calculation though.

You can stop it all together though and take your money back.

daniel80

Payments have to stay the same as said above.

Vortigern

tommycooper wrote: »

Hi All,
wonder if anyone could answer this for me?

The only place you'll get a definitive answer is from your employer, or by reading the rules of the scheme.

Don't worry too much about the mortgage. Lenders tend to look at your gross pay before deductions.