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Ride to Work scheme & Mortgage
MB85
Posts: 17 Forumite
Morning all,
I'm in the market for a new Mountain Bike (very keen rider) and will be looking to spend around £2500 on my next bike. I have just seen that I can do this through the Green Commute Initiative over 3 years and make it a similar cost per month to a £1000 bike on a regular cycle to work scheme over 1 year. What I want to know is, does doing a cycle to work scheme complicate things when applying for a mortgage or do lenders look past this if it's seen to be affordable?? My Wife & I are looking to apply for a mortgage on our first home next year once our tenancy is up. I earn £52000/year and she earns £22000/year. :money:
I'm in the market for a new Mountain Bike (very keen rider) and will be looking to spend around £2500 on my next bike. I have just seen that I can do this through the Green Commute Initiative over 3 years and make it a similar cost per month to a £1000 bike on a regular cycle to work scheme over 1 year. What I want to know is, does doing a cycle to work scheme complicate things when applying for a mortgage or do lenders look past this if it's seen to be affordable?? My Wife & I are looking to apply for a mortgage on our first home next year once our tenancy is up. I earn £52000/year and she earns £22000/year. :money:
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Comments
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You posted in the wrong part of the forum, this is the benefits forum. You'll be better off posting in the mortgage part.0
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It is about affordability. The mortgage underwriter is risk assessing whether you will reliably repay the mortgage. So the bike scheme is only a minor factor in calculating how much money you have available to make mortgage repayments.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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poppy12345 wrote: »You posted in the wrong part of the forum, this is the benefits forum. You'll be better off posting in the mortgage part.
Apologies- I thought the ride 2 work schemes were a type of Benefit in Kind, hence the benefit section being valid? Perhaps not...0
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