SAYE Scheme Effects on Mortgage Application?

rnickster

Hi all,

my company has announced a Save As You Earn Scheme which I am very interested in signing up for and saving a decent chunk of money in.

The concern I have is that next year me and my girlfriend are looking to buy a house but we are concerned that this scheme might effect the amount of money we can borrow in an mortgage application.

Can anyone advise or is it worth going to a mortgage advisor in a bank to ask? The scheme can be stopped at anytime, and the funds are paid into the scheme out of my net pay. So I presume that my wage and income is viewed as the same as it was before the scheme (so would not influence the amount I can borrow in a mortgage application?)

Any help/advice is greatly appreciate.
Nick

latecomer

probably best to ask over on the mortgage board:

http://forums.moneysavingexpert.com/forumdisplay.php?f=15

AndyT678

When I applied for my last mortgage the bank wanted to know what the SAYE deduction on my payslip was so I'd guess that they would consider it when assessing affordability but I agree with the post above. Ask on the mortgage board for a more definitive answer.

rnickster

thanks, will post there, mods please delete.

jimjames

I can't see any reason why it would affect borrowing. It shows a savings habit and is not spending but money you can access.