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Salary sacrifice car

chrislee_88
chrislee_88 Posts: 5 Forumite
in Mortgages & endowments
Hi
Going through a mortgage application and just wondering what to do about a salary sacrifice car? I've heard conflicting stories from putting it through as a loan to just changing the salary to the reduced amount (22k instead of 26k). Is anybody aware of what to do? Thanks

Comments

  • bazzyb
    bazzyb Posts: 1,586 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    It will likely vary depending on the lender. You are essentially taking a reduced salary, but some lenders will treat it as a loan.

    Are you using a broker or applying directly?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Contractually if you sacrifice salary to pay for a car, pension etc. Then your actual salary is the lower amount.
  • norm_
    norm_ Posts: 193 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Basically a dressed up loan which people enter into because they want a new car, without ever giving thought to what it costs in real terms.
  • ameygee
    ameygee Posts: 28 Forumite
    Hello,
    I've just got my mortgage approved and I have a salary sacrifice car.
    I think they put it down as a hire purchase in the end.
    They worked out how much I pay every month for my car and multiplied it by how many months i've got my car for.

    Hope this helps :)
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