Earning over £100,000 a year and can't get a mortgage?

JonnyBravo

lostinrates wrote: »

wow. Seriously want your accountant.

:rotfl:

You'll be wanting the money/job etc before you need to worry about the accountant.

RecoveringAlcoholic

Did he pi$$ the deposit up against the wall?

lostinrates

JonnyBravo wrote: »

:rotfl:

You'll be wanting the money/job etc before you need to worry about the accountant.

DH earns though.:rolleyes: And we'll be paying high level tax on his wage plus the large euro amount we should receive in December, if we could legally avoid high level tax on the euro amount it would be a HUGE saving.:)

poppysarah

AceCobra1 wrote: »

When did Danny say that he doesn't have a deposit for a house? I watched the video twice and I didn't hear him saying anything to do with deposits?

He said he can't get a mortgage.

The only reasons could be

- he's lying about his income
- he's only just started earning that much
- he hasn't saved a bean and doesn't have a deposit
- he hasn't applied for a mortgage

There are mortgages out there - if you have 10-25% deposit. And unfortunately for people like the man on the telly it is actually a good thing that people need to save a deposit.

If you're unable to save a deposit on that much money then there's something much more wrong with your life than not being able to get a mortgage.

The huge bail out of banks stupid lending has taken place almost certainly because of the relaxation of deposits being required.

m00m00

he could also have a very bad credit rating too, plenty of high earners are quite lax with payments sometimes.

dudleyboy

Dithering_Dad wrote: »

Actually, it's often the case that the more you earn, the less tax you pay. I paid myself £83,686.00 last year but only paid £11,755.97 in tax and £662.75 in National Insurance. If this chap has a decent accountant, then perhaps he'll be doing the same?

How he manages to have no money for a deposit is another story, so I agree that this doesn't seem to add up.

EDIT: Oops, actually I paid myself £88,911.00, I was looking at the figure with my personal allowance (£5225) deducted.

Am I right in thinking that you're self-employed having registered yourself as a limited company, paying yourself minimum wage for tax purposes but receiving large annual dividends from your own one man company?

I know it's perfectly legal, and I'd probably do the same if I was a contractor/consultant because it is legal, but I think this is one of the many loopholes/policies that the government needs to crack down on.

It's all well and good forcing the thick / unskilled / lazy back to work by cutting their benefits but if the government really wanted to boost it's revenue I know which loophole I'd tighten first. People earning above the 40% tax threshold should be paying 40% tax, not claiming they're on minimum wage and pocketing their salary via discreet unethical channels.

Consultants, contractors, restaurant / take away owners, cab drivers, to name but a few. They're all at it.

neverdespairgirl

Ian_Griffiths_Halifax wrote: »

Most FTBs now want 3 bed semis and not 2 up 2 downs. That leaves the 2 up 2 downs to BTL landlords and they are struggling to get the finance.

It's time for a reality check and start at an affordable level and work up.

Depends on the FTB. When we buy, for the first time, we'll be looking at 4 beds, and not moving again. But then we are both 30, and already have a child.

boinging_2

Dithering_Dad wrote: »

Actually, it's often the case that the more you earn, the less tax you pay. I paid myself £83,686.00 last year but only paid £11,755.97 in tax and £662.75 in National Insurance. If this chap has a decent accountant, then perhaps he'll be doing the same?

How he manages to have no money for a deposit is another story, so I agree that this doesn't seem to add up.

EDIT: Oops, actually I paid myself £88,911.00, I was looking at the figure with my personal allowance (£5225) deducted.

What kind of person gives a full outline of how much they earn on a message board (and then edits the post to make it higher :rotfl: )?

pr33tz

boinging wrote: »

What kind of person gives a full outline of how much they earn on a message board (and then edits the post to make it higher :rotfl: )?

The kind that doesn't mind everyone knowing :rolleyes:

Dithering_Dad

boinging wrote: »

What kind of person gives a full outline of how much they earn on a message board (and then edits the post to make it higher :rotfl: )?

Interesting that you didn't mention this post, that also mentions salary details and on this very thread:

mrstinchcombe wrote: »

I only earn a poor £24,500 and I manage to save a little a month (although luckily my job is "safe" for when the recession comes!)

Perhaps it's the amount you have an issue with rather than the principle of posting income onto a thread?

I do have to point out that if you popped into the DFW board (on this financial website) you'd not only see full income details but full expenditure as well (including debt repayment).

People also post financial details onto the Pension, investments, MFW, loans, house mortgage/purchase boards.

Nothing new here.

EDIT: I did hesitate with that post and almost put "My friend", but then thought about the absurdity of making a post on a forum with an anonymous user id about an anonymous 'friend'.