Buying a House with Employee Benefits

GMKK96

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

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.

antoinolachtnai

https://www.boards.ie/discussion/2058307829/buying-a-house-with-employee-benefits

Tax free allowance from employer? How does that work? https://www.revenue.ie/en/employing-people/benefit-in-kind-for-employers/free-or-subsidised-accommodation/index.aspx

JohnnyChimpo

https://www.boards.ie/discussion/2058307829/buying-a-house-with-employee-benefits

You can't pay your mortgage with a company car, so banks don't factor it into your earnings

3DataModem

"receive a tax free allowance from the employer to pay for your own accommodation for example."

That is not a thing in Ireland. You will have to pay BIK on this allowance.