Salary Sacrifice mortgage lender reduce loan

Kt8

Hi guys..

Just wondering if anyone had heard or had experience in lenders and nhs salary sacrifice.

We had our agreement in principle agreed with abbey & loan amount we could borrow.

I thought it best today to check with our broker our salary sacrifice that my partner has car.. Laptop and nhs car park £20 a month.

Come back today that abbey have reduced the loan amount by £25k !!! Seems a huge reduction !!!

Salary sacrifices aren't financial agreements can't understand it thought they took gross yearly salary amount .

Our broker has been fab just interested if anyone else has experiences in this

Thrugelmir

An AIP is not a formal mortgage offer. Only when you make a full mortgage application will all credit checks be conducted.

Kt8

Yes I know .. But it seems a huge reduction ...

GMS

Speak to your broker and ask them to check it.

Are you repaying any unsecured debt?

Kt8

2 grand credit card interest free can be paid tomorrow out of our deposit.
We have about 45-50k to put down for deposit.

Can't see how much 2k credit card will make a difference though but will get rid if it helps

Thrugelmir

What's your AIP as a multiple of annual earnings?

Kt8

5.3 multiple I think not 100% sure

Kt8

Are abbey in the dark ages re- salary sacrifice ?

Thrugelmir

Kt8 wrote: »

5.3 multiple I think not 100% sure

That's very high. Be very suprised if they offered that.

bigadaj

But that's the drawback with salary sacrifice, you benefit from the reduction in national insurance but you reduce your salary, and this has always been a risk that this will reduce the amount lenders will allow.