Share save and car allowance on Mortgage Application

The_Palmist

Hello Folks,

I receive a decent car allowance..does this go under bonus or combined with salary on a mortgage application.

I also contribute a small amount per month to sharesave scheme which goes from salary...does this need declaration as an outgoing.

Thanks in advance

Mr_Curious

Hi,

Regarding the ShareSave -like anything it probably depends on the lender. However I recently had a dealing with Santander and because it could be cancelled it was not seen as an expense. I do stand to be corrected...

YHM

Why fumble with the systems yourself, when a broker will know which lenders will use the car allowance as income and not account for the share save as an expense....

Lucky_Duck_2

Why would a car allowance be anything other than income?

Thrugelmir

Lucky_Duck wrote: »

Why would a car allowance be anything other than income?

Is the vehicle a neccessity for the job, i.e. has a corresponding outgoing.

TheBanker

Thrugelmir wrote: »

Is the vehicle a neccessity for the job, i.e. has a corresponding outgoing.

My car allowance doesn't - I am required to have a car available for business use if required, but I rarely use it for work and I would have a car anyway. So the only corresponding costs are a small amount of wear to the car on the rare occasion I use it (not quantifiable) and the very small increase in my insurance premium for business use.

I pay tax and NI on the car allowance, but the company don't recognise it as part of my salary when calculating things such as annual pay awards, bonuses, redundancy and pension contributions.