Banking and Finance

A bank customer earns £23,500 per year, and has £10,000 saved up for a deposit on new flat Sean has seen a flat for sale for £55,000.

The customer received a letter from his bank about taking out a mortgage.

Can the customer buy the flat under the banks conditions?

A bank customer earns £23,500 per year, and has £10,000 saved up for a deposit on new flat Sean has seen a flat for sale for £55,000.

The customer received a letter from his bank about taking out a mortgage.

The customer decides to talk to another bank who will lend 2.5 times the customer salary, providing the customer pays 15% of the value of the property as a deposit.

Will the customer be able to afford the flat?

An employee earns £16,000 a year, how much tax will the employee have to pay?

Just before the employee starts work, the rules for paying change income tax change (see tutor)

How much less income tax will the employee have to pay each year?