** Help Required **

Sowden1990

Hi,

I've recently got a staff mortgage at work for £79,000.00. This mortgage rate is 2.24% over 25 years. My monthly payments will be £348.58 per month from the 01/08/2015.

My yearly salary is £19,800.00 a year. I have just called HMRC and I've been advised my tax code will go down to 781L from 1060L resulting in an additional £50 a month tax payment.

My question is does this sound correct? Should I be contacting my employer?

Regards
Liam Sowden

Malmo

The preferential interest rate will be treated as a benefit in kind and an amended tax code.
Someone more knowledgeable than me on the tax rules would need to confirm if the resultant code is correct.
Have you spoken to your Payroll department?

Sowden1990

I will be doing tomorrow just to make sure the figures they have produced are correct. HMRC advised me to call back if the figures are incorrect.