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Company van beneficial to mortgage application?

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  • 04-07-2016 8:18am
    #1
    Aph2016
    Registered Users Posts: 493 ✭✭


    Hi All,

    Does anyone know if having a company van is beneficial to a mortgage application? I don't own a private car.


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Aph2016 wrote: »
    Hi All,

    Does anyone know if having a company van is beneficial to a mortgage application? I don't own a private car.

    Why would it be? Owning a vehicle is not a pre requisite for a mortgage


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    #3
    Aph2016
    Registered Users Posts: 493 ✭✭Aph2016


    Yes I know that, what I mean is I don't have the monthly outgoings of insurance, car tax and petrol as I drive a company van.


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    #4
    vandriver
    Registered Users Posts: 3,462 ✭✭✭vandriver


    athtrasna wrote: »
    Why would it be? Owning a vehicle is not a pre requisite for a mortgage
    I believe the OP is alluding to the money saving aspects of having a fully expensed vehicle.


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    #5
    OldMrBrennan83
    Closed Accounts Posts: 26,658 ✭✭✭✭OldMrBrennan83


    This post has been deleted.


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    #6
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Not explicitly, no. You won't be asked about your car circumstances.

    It's beneficial if the cost saving is reflected in a good savings record every month. But not having a private car doesn't guarantee someone has more available income.


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    #7
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    vandriver wrote: »
    I believe the OP is alluding to the money saving aspects of having a fully expensed vehicle.

    Apart from the tax and usc payable for private use of such a vehicle? Not sure if banks consider that?


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    #8
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Patww79 wrote: »
    Why the quip? You know what they mean.

    OP I don't believe it does.

    Not a quip, a genuine question fwiw.


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    #9
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    athtrasna wrote: »
    Apart from the tax and usc payable for private use of such a vehicle? Not sure if banks consider that?

    It's commercial, no BIK. Well there is technically at a very low rate but it's never enforced.

    OP, no it is just an expense you don't have. Like you might not have childminding costs. If its not there it's not there, great but it won't work against you like a car loan would...but they won't treat it as extra income if that's what you are thinking


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    #10
    L1011
    Registered Users Posts: 68,904 ✭✭✭✭L1011


    Mentioning things which would be ordinary costs for others but aren't for you could work against you if you aren't showing a suitably increased savings rate. Having no commuting costs and other things covered by expenses means you have much reduced required outgoings but the bank will want to see that cash saved, not spent elsewhere.


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    #11
    Aph2016
    Registered Users Posts: 493 ✭✭Aph2016


    Thanks for the replies.


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