Buying a House with Employee Benefits

GMKK96 · 03-08-2023 12:18PM #1

Hi,

Just wondering what the story is with applying for a mortgage and what the bank does or doesn't consider part of your earnings.

Is it better to have accommodation provided by your employer or receive a tax free allowance from the employer to pay for your own accommodation for example.

Also would the bank consider company vehicles part of your earnings like Revenue does?

I currently have a company commercial vehicle that I pay BIK for and I also have the option to either get subsistence for accommodation or move in with another employee for nothing.

ELM327 · 03-08-2023 12:21PM

generally base salary as per p60 (averaged over last 3 years if you have variable overtime payments) for the 3.5X multiple.

Then for the affordability repayments its the floor/lowest of the last 3 payslips. That's been my experience anyway. Others have seen different so I guess it varies bank per bank.