Complicated income mortgage advice required

Thrugelmir

olias wrote: »

All either taxed at source or are not taxable, don't want to go into specifics of my personal finances on an internet forum, but I don't need to fill out a tax return therefore the only evidence I have is through bank statements which high street lenders will not accept (at least not in full), hence the need for self certification. Don't worry I am fully legal!:D

Olias

A bank statement is not evidence of anything. The funds are coming from somewhere. If your "non taxable income" is not guaranteed. No lender would take it into account.

You should maintain records of some description as the Tax Office could potentially take a view as to its source and assess a tax liability on it.

olias

BTL income is not guaranteed, neither is self employed income or any of a number of other income sources, does not mean they are not legitimate sources of income. There are are also many legitimate sources of income that are not taxable or are subject to tax concessions.

The information I am requesting and is if anyone has knowledge of a self cert lender who deals with those other than self employed who may be able to help

(by the way, sorry to moatmeister for hijacking your thread!)

Olias

Mrs_Bumble

Olias, I agree with Luckyfool above and I certainly would not be happy to proceed with a similiar scenario.

Thrugelmir

There are are also many legitimate sources of income that are not taxable or are subject to tax concessions.

If your only evidence is a bank statement. Then I find this utter tripe.

luckyfool

olias wrote: »

BTL income is not guaranteed, neither is self employed income or any of a number of other income sources, does not mean they are not legitimate sources of income. There are are also many legitimate sources of income that are not taxable or are subject to tax concessions.
Olias

I'm sure there are legitimate sources of income that are not taxable or are subject to tax concessions. Whether they are sources of income that will be legitimately taken into account by a mortgage lender is a completely different matter.

Thrugelmir

luckyfool wrote: »

I'm sure there are legitimate sources of income that are not taxable or are subject to tax concessions. Whether they are sources of income that will be legitimately taken into account by a mortgage lender is a completely different matter.

Can you think of any non verifable sources of income that will be tax free?

LilacPixie

Surely your 'business venture' and I presume source of income must have accounts?? I cannot think of any sources of income that are tax free yet not verifiable by other means.

I cannot think of any lender who would be willing to lend in these circumstances.

moatmeister

Yes. Dont get confused between me and my friend Olias in a similar but different situation just trying to get on with our lives.

Yes there are accounts. Ive learnt my lesson here. I have 1 year trading accounts available, from new business, ltd company. Not yet audited. Previovious business went into administration 2007 after large unpaid bad debt and has now been wound up. Our bank, bless them, wouldnt bail us out because although profitable, it was all in a bit of a mess and they turned down the loan so I pulled the plug. Early victim of credit crunch. New business up and running nicely for nearly a year but management accounts not audited and I'm assuming I will not be able to get them done in the time scale but working on that now. Thats all. Self employed wife has 5 years accounts as sole trader but a much smaller income. Just need to look at all options!

olias

Thrugelmir wrote: »

If your only evidence is a bank statement. Then I find this utter tripe.

Thankyou for your useful comments, and informative and helpful post...(yawn......)

moatmeister wrote: »

Yes. Dont get confused between me and my friend Olias in a similar but different situation just trying to get on with our lives.

Yes there are accounts. Ive learnt my lesson here. I have 1 year trading accounts available, from new business, ltd company. Not yet audited. Previovious business went into administration 2007 after large unpaid bad debt and has now been wound up. Our bank, bless them, wouldnt bail us out because although profitable, it was all in a bit of a mess and they turned down the loan so I pulled the plug. Early victim of credit crunch. New business up and running nicely for nearly a year but management accounts not audited and I'm assuming I will not be able to get them done in the time scale but working on that now. Thats all. Self employed wife has 5 years accounts as sole trader but a much smaller income. Just need to look at all options!

Moatmeister, I wish you good luck and will pull out of this thread to avoid any further confusion with my situation and hope to allow you to get some further (hopefully useful...:rolleyes:) advice on your particular situation.

Olias

Thrugelmir

olias wrote: »

Thankyou for your useful comments, and informative and helpful post...(yawn......)

LOL. Ignorance is no excuse. A phrase worth remembering.