SAYE impact

atlasmm

Hi,

Our mortgage is due to complete in the next few weeks however we’ve been told this several times before and been let down due to delays further up the chain. 

As such, I am conscious of the start of December arriving soon, whereby if my mortgage hasn’t completed by then, I will be required to ask my broker to apply for an extension with Leeds BS. 

I do not wish to go through the whole underwriting process again and would rather this just be granted given our credit scores/commitments or circumstances haven’t changed (if anything, we’ve both had payrises since application). 

However, I am wanting to opt into the SAYE scheme through my workplace. Leeds BS have advised this isn’t treated as a commitment if it can be stopped anytime. Would the same apply when I am going for the extension? I wouldn’t need to declare a change in financial circumstances as a result of joining this scheme would I?

TIA. 

housebuyer143

The SAYE has no bearing on your affordability as it's classed as a savings account which you can opt out of at any time. I had no issues getting a mortgage when I paid into SAYE. 

ACG

Some lenders may count it as a commitment until they could see a payslip without it on, but if you have already checked with Leeds then it would be treated the same on an application as it would on an extension. They cant treat it differently.