Taxi mortgages?

taxi_wife

Hi, I am a new member & looking to see if anyine can give advice of help.

My partners is a full time taxi driver (has been for 2 years now) & we are looking to find out if we can get a mortgage in glasgow with him having no records of earnings or accountant.

Is this possible & if not what do we require?

I am looking to sell my property & get a mortgage together, unfortunatley due to being made redundnat & new job i have to take a drop in salary & therefor cant afford the required loan mysef for the mortgage.

Your help or advice would be appreciated.

_Andy_

Why does he not have any proof of income?

koexelek

If you aren't paying tax on your income these days, it can't be taken into account for mortgage purposes.

Taxi driving is a great job for "cash in hand", but you pay the price when you need a mortgage these days

benjo

As already mentioned, all you need is the information you have provided to the Inland Revenue.

If your husband hasnt provided this info to the Inland Revenue he is effectively saying 'I dont earn any money' in which case you cannot use his income for a mortgage application - since he doesnt have any income.

If he does have an income, as you suggest he is a taxi driver, and he hasnt yet informed the Inland Revenue, then I suggest he sorts that out asap - then he can use that info for a mortgage application.

dunstonh

The days of being able to commit tax fraud and mortgage fraud have gone.

Now, if you choose to defraud the tax man then you dont get the mortgage. Indeed, go to a lender or broker and tell them there is undeclared income and they have to report it under money laundering guidelines.

taxi73

I have to agree with everyone else above.
Why has he no accounts?....this is illegal and how he has never been caught in two years I'll never know as lists of drivers/owners are regularly checked by DSS and Inland revenue.
An honest taxi driver with books will have no problems getting a mortgage as long as they have satisfied the lenders requirements...ie..lending criteria/deposit etc etc..
I have a mainstream mortgage...and have never had to have a sub prime one...but there again we put our money through the books.We have our own taxi and both myself and DH work it.

taxi_wife

wow sorry everyone seems to think we dont have records, sorry should have explainted in my 1st post, my parter doesnt have copies of records, due to fire.watrer damage, can he get a copy from inland rev for last year as he has this year but aparently this is nto suffice?!

obviously this is all new to me & him with the mortgage situation ^ we dont know here to start

I get him on the phone to inalnd revenue in the morning to see if they can send him copies etc.

koexelek

taxi_wife wrote: »

wow sorry everyone seems to think we dont have records, sorry should have explainted in my 1st post, my parter doesnt have copies of records, due to fire.watrer damage, can he get a copy from inland rev for last year as he has this year but aparently this is nto suffice?!

obviously this is all new to me & him with the mortgage situation ^ we dont know here to start

I get him on the phone to inalnd revenue in the morning to see if they can send him copies etc.

Yes, he should be able to get copies.
Takes about 10 days normally.
I think it is the SA302 forms you want

taxi73

If an accountant did them for him then they would still have copies.
Glad you clarified that he pays tax.

dunstonh

Just a note to say thanks for clarification. It just goes to show how posts can be interpreted in a different way when you are not careful.

benjo

thanks for the clarification - as mentioned already as a first step get on to the Inland Revenue and get their copies.

You say that these copies will not suffice - have you been told why? perhaps it is because they are 'copies' and not the originals, I would have thought that a letter of explanation as to why they are copies and not originals would be ok, if not, I wonder perhaps an accountant can 'work backwards' from those accounts and provide a letter of confirmation? Might be worth investing a little money for that service (if it i possible).

If this doesnt work, find yourself an experienced whole of mortgage advisor, he would undoubtedly have a better idea of where to place your applications since your ability to prove income is complicated.

Goodluck in getting the home of your dreams and keep us informed.