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Car Allowance & Buying a house

Hello, So I have have been offered a car allowance at my work place due to promotion. Been planning on buying a house this year at some point so what would be the best option in your opinion. Salary: £47,000 Car Allowance: £5,000 Deposit: £15,000 1. Take the car allowance as cash - would this boost my salary for mortgage application? 2. Take the company car hire - The allowance would cover this but would it affect my outgoings column in the mortgage application? Any advice would be helpful

Asked on Jan 19 2018, New Homes in London | Report content

Answers (1)

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  • Hello - mortgage lenders are increasingly strict these days and would be unlikely to include a car allowance as cash when assessing your income. If you were to take the company car hire, yes, it may be a factor they would look at - but as long as you have a good credit history and not too many other debts, I don't think you'll have any issues. Good luck with it all...

    Answered on Jan 24 2018, Report content

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