Lenders view on sharesave schemes

NeoVR2k6

Im looking into re-mortgaging in the coming months, as my fixed rate expires at the end of the year.

One thing that has changed since my last application, is im now putting away £200 per month in the company sharesave schemes.


So what is the correct way to handle this on a mortgage application? Would it be viewed as a credit commitment? and thus factor into affordability more harshly than it being "savings?"

Im pretty sure it wont make any difference to my affordability, but obviously better safe than sorry waiting until they see it on my payslips.

dpowell3

I've got the same thing, put away £140 before tax into sharesave, I was told because it is effectively like a savings scheme it shouldn't matter as long as you agree that if you needed to cancel the scheme to pay the mortgage then you will.

Some of the lenders apparently have things like sharesave and season ticket loans on the application forms.

stator

It's not a commitment because you can withdraw the money at any time (although you lose out on the bonus payment)

ACG

This will vary from lender to lender.
Some lenders ignore as its not a commitment, others will not.

Check with the lender before applying.

NeoVR2k6

Thanks ACG

Off the top of your head do you know what Nationwides stance is?