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Staff Mortgages and Benefits in Kind
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As ex RBS group staff I can categorically say the subsidy deal is better. You get the equivellant of 2% off the rate of the mortgage, paid back to you in your gross pay, taxed as PAYE. Its applicable to the first £75k ish of the mortgage, the net benefit after tax is about £80 a month....
Just to clarify, this 2% rate discount, is an old NW staff deal.. They had some unbelivable staff perks. The RBS staff house purchase scheme deal was 5% fixed for life of the mortgage up to £50k, Some older members of staff will have an even lower rate. However this was taxed as a benefit in kind. I had this type of mortgage for 10 years and it was a rip off. I should have left it much earlier, in any case these benefits are no longer avaliable for staff. if taking out a new mortgage0
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