Business mileage claims as income?

ndbruton

Hi Lisbong,

I'm not sure whether it's the done thing or not, but I have just sent info into an underwriter and actually put a short covering letter in regarding (amongst other things) my travel expenses so that when they see my fuel spend per month they are also aware that I claim a portion back in expenses helping to balance up the cost for this particular area of my monthly expenses. I figured I'd rather them have the full picture now rather than coming back to me for further info and potentially slowing the process further or rejecting me because I gave duff info! No harm in helping them make an accurate decision is there?!

Lisbong

ndbruton wrote: »

Hi Lisbong,

I'm not sure whether it's the done thing or not, but I have just sent info into an underwriter and actually put a short covering letter in regarding (amongst other things) my travel expenses so that when they see my fuel spend per month they are also aware that I claim a portion back in expenses helping to balance up the cost for this particular area of my monthly expenses. I figured I'd rather them have the full picture now rather than coming back to me for further info and potentially slowing the process further or rejecting me because I gave duff info! No harm in helping them make an accurate decision is there?!

I've done an excel spreadsheet with tabs for income (showing how I've calculated estimated annual on-call, weekend pay and overtime), outgoings (including how I've calculated travel costs as above), Credit card balance, and one with a 3 year projection showing how I expect to pay the remaining credit card balance off and build up further savings.

I did it for myself so I could get a handle on what our actual incomings and outgoings are now and would be in the future and to satisfy myself that we can afford what we think we can. But now that I've done it, I'm printing it off and taking it to our mortgage application meeting. Like you say, better to give them all of the info up front rather than slow the process down. Even if they don't need it, I figure it shows that we're taking our responsibilities for the affordability seriously and not just relying on them to decide for us.

kingstreet

Halifax doesn't ask (unless there's a payslip deduction such as a season ticket loan) and on a recent Nationwide case, we put £25 for personal travel, noting in the box "business travel reimbursed by employer."

The entries on the payslips reinforce this.

RavingMad

As it's not guaranteed income, just like eg occasional overtime, I don't think they will take it into consideration