Hi all,
My employer is offering a mortgage product of 2.24% (1.74% above base) to employees. I have recently came out of my probation period and i'm thinking about applying for a 95% mortgage with them.
I have been advised there is benefit in kind implications, i've tried asking about and searching but I can't find any information about what this actually means to my NMI.
My GAI is £13608 and NMI £958. The mortgage payments are £158 based on a 40 year term on £50,000.
I'm just looking to know what it actually means to my monthly income afterwards since the benefit is taxed? I just can't get my head around what will happen
My employer is offering a mortgage product of 2.24% (1.74% above base) to employees. I have recently came out of my probation period and i'm thinking about applying for a 95% mortgage with them.
I have been advised there is benefit in kind implications, i've tried asking about and searching but I can't find any information about what this actually means to my NMI.
My GAI is £13608 and NMI £958. The mortgage payments are £158 based on a 40 year term on £50,000.
I'm just looking to know what it actually means to my monthly income afterwards since the benefit is taxed? I just can't get my head around what will happen