Bank employee mortgages

[Deleted User]

bigisi wrote: »

Same although I left late 2008. They forgot about me though and it wasn't until 2016 they realised and took it off me

Thanks Halifax!

I think the phrase 'I got made redundant from Halifax' should just be assumed around here :rotfl:

My redundancy was 2014 and I am still getting staff rates on my packaged bank account!

Cortinaa_GTR

i had a 'beneficial' staff rate of 1.99% a few years ago that I was being taxed on. At the remortgage I found 1.29% on the open market so the staff deal got well and truly binned!

jim1999

I remember an email going round in roughly 2013 at one of the banks saying that because interest rates were so low, the tax made it pointless to offer staff mortgages as it would be more expensive than using the open market.

frithemajik999

Upto £200k at base rate at lloyds, but you have to pay income tax on difference between base rate and HMRC guide rate. So you pay more like 1.5% roughly if you’re a 40% tax rate payer. Flexible though so you can exit without charge/overpay as much as you want

flashg67

Thrugelmir wrote: »

The current tax implications on Benefits in Kind for employees negate any benefit on offer due to the currently low level of interest rates.

Not for me @ 0.75%. BIK Tax adds less than 0.5% for me. I maybe could find a mortgage at 1.25% but likely to have a hefty fee attached

[Deleted User]

£200k at base rate is pretty awesome, especially with fears it may drop! Is there an LTV limit on it?

Anything over 85% and that's a really good deal, especially for any FTBs working at LBG!

Edi81

LTV is in line with external products.
I bought my first flat 6 years ago with a 90% LTV and it worked out cheaper than market rates at the time.
Since then I’ve moved to another lender as the BIK was a killer as higher rate tax payer.