Mortgage - Cycle to work scheme

Fern0305

I have just had a mortgage accepted and I have been told they carry out several more credit checks right up until the funds are released. I have the chance to apply for the cycle to work scheme - does anyone know if this appears on your credit file or could it potentially affect my mortgage application? Bike will be approx £900 in salary sacrifice so technically my annual salary will be 900 less than what I stated on my mortgage application.

vacheron

It depends on your employer. One of the conditions of our salary sacrifice program is that our company will state our pre-sacrifice amount in the event of mortgage queries etc.

jamesd

It won't appear on your credit file. Salary sacrifice schems normally report the "scheme salary" which is the salary before sacrifice. Mortgage lenders are well aware of how salary sacrifice schemes work and that this is just transferring a spending so it is cheaper overall.