Mortgage fraud, what will they do?
Comments
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If I understand correctly, you've knowingly committed mortgage fraud and tax evasion for 2 years-so what has changed for you to now ask at this point 'what will happen'?
I'm still not clear if the deposit is protected, and if the property has a valid gas safety certificate (if required). The latter is a very serious offence, so get that sorted as a priority.
There is little point in raking over old ground. The question is how now to set things right.
The tax situation won't go away. So OP needs to make amends with hmrc irrespective of any other action.
The mortgage situation gives OP some options. I would think remortgaging to a new lender would be impossible with no equity. So the only options I can see are:
a) sell up, that could mean mortgage arrears (or a loan from elsewhere) while you sell
b) handing the keys back to the lender (you've no equity to protect, but risk being at the whim of the lender's choice of action and it may result in an eventual shortfall that will need to be dealt with in the future)
c) telling the lender you have moved out and are letting the property. When they tell you they don't consent you tell them the tenants are already in. At which point the ball is in the lender's court.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
What's changed is I think the people in the property downstairs, who I share the freehold with, have worked it out and I think that they are having difficulties with the tenants. I also tried to trick them out of a large amount of money and they worked it out .If I understand correctly, you've knowingly committed mortgage fraud and tax evasion for 2 years-so what has changed for you to now ask at this point 'what will happen'?
I'm still not clear if the deposit is protected, and if the property has a valid gas safety certificate (if required). The latter is a very serious offence, so get that sorted as a priority.0 -
OP - I am sure you will agree that its a bit of a mess. In your situation I would be 100% more worried about the HMRC than I would about the lender. The lender primarily is just interested in getting their money back whereas HMRC will not hesitate to prosecute and worst case scenario there is the possibility of jail time and a big bill.
To me it looks like unless you can sell the property quickly and get out with your nose above water, the best option will probably be to come clean, mea culpa. Perhaps actually this will reduce the stress and alcohol issues?0 -
Brock_and_Roll wrote: »OP - I am sure you will agree that its a bit of a mess. In your situation I would be 100% more worried about the HMRC than I would about the lender. The lender primarily is just interested in getting their money back whereas HMRC will not hesitate to prosecute and worst case scenario there is the possibility of jail time and a big bill.
I agree that you need to sort things out with hmrc as a priority.
I think your worst case scenario is hardly likely. Hmrc do not send people to jail just because they have undeclared and unpaid tax. Jail is reserved for those who have swindled them out of money, rather than not paid what they owe.
Worst case scenario is that you get a big bill that you cannot afford. At which point you try and agree a payment schedule with them. Failing that they could (and do) petition for bankruptcy.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
One more thing, I've been travelling for the last year do you think this has any bearing on my situation?0
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No not really.0
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OP if your real, get some professional advice, seems your wanting to hear what you want which is not what this forum all about.
Your clearly breaking the terms of your mortgage and evading tax, and hence breaking the law. Your life not ours if you choose to ignore it.
Will be waiting for the HMRC investigation thread on the 'Cutting tax' thread soon"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thank you, this is unfortunately very real. This scheme of mine was recommended to me by colleagues and acquaintances that are doing the same thing. When I lied on the recent application I didn't think anything of it, I didn't really think about it being right or wrong.OP if your real, get some professional advice, seems your wanting to hear what you want which is not what this forum all about.
Your clearly breaking the terms of your mortgage and evading tax, and hence breaking the law. Your life not ours if you choose to ignore it.
Will be waiting for the HMRC investigation thread on the 'Cutting tax' thread soon0 -
Thank you, everybody, for all your advice and time spent. I think I will come clean with the Mortgage Company & HMRC.0
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JohnnyDancer wrote: »I also tried to trick them out of a large amount of money and they worked it out .
What??? This gets better!0
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