Staff mortgages??

derekdd83

Hi I work for a well know bank and I am applying for a joint mortgage but at a staff rate which I believe is 0.5%.We are hoping to get a mortgage for 120K.we are 1st time buyers and don't really know how it all works. Will we get that rate on the whole mortgage? If we don't is it worth shopping around if the 0.5% is only going to be on 76k of the mortgage?appreciate any help.

~Beanie~

Why would you get that rate on only 76K or the mortgage? 0.5% seems very low, is that correct?

I think you need to ask your lender. Double check the rate and ask whether it applies to the whole loan or just part, if only part, what is the rate for the rest?

kingstreet

Don't forget, the HMRC mortgage rate is 3.25%, so the difference between that and what you actually pay will be added to your income as a benefit in kind.

Goldiegirl

The answers you need regarding how much of the mortgage will be on the staff rate will be in your staff manual or on your intranet.

It is probably linked to your pay grade, and is unlikely to be as much as £120k unless you are in a very senior position.