Have you ever been tempted??

steven842

Just join this site after more than a year browsing , i've spent the last few years in serious debt and i've managed to over come and will be totaly debt free in july this year :j
i live with my parents and earn 22k per year i dont have any savings or assets as i've used all my money to clear what debt i've had every extra penny i have goes on paying credit card and a high loan payment
i have been trying to find out about mortgages , i'm self employed .i've been told banks dont like giving mortgages to self employed and at the moment i wouldnt be able to afford / get one any way but come july i will be free of debt and have money for the first time in 3 years . Most banks i have asked have said they need 6 months previous bank statements as you can imagine my previous 6 months show no extra money .
I am tempted to change a few numbers on the statements would this be stupid ??? when i apply does the building society / mortgage broker have access into my account and know whats in there ???

nic_santorini

Steve,

Not only would this be stupid but illegal and could get you in a lot more trouble than its worth. Of course banks will lend to self employed people but they will check your income and make sure it is regular. The best thing you have done is nearly albeit in July clear all your debts and this is amazing. If I were you, I would stay at mum and dads and save for a bit of a deposit - well all the legal fees etc cost about £3000 these days and wait for the housing price crash. Surely it has to happen soon!! As for the broker having access - they do not directly, but they can do credit checks on you to see if you are a sure bet. Just think by december you will have 6 months really decent statements because you will all be sorted and have some savings hopefully.

HelpWhereIcan

steven842 wrote:

Just join this site after more than a year browsing ,

Welcome :hello:

steven842 wrote:

i've spent the last few years in serious debt and i've managed to over come and will be totaly debt free in july this year :j

Congratulations :beer: wish I was

steven842 wrote:

i have been trying to find out about mortgages , i'm self employed .i've been told banks dont like giving mortgages to self employed

Not strictly true, but can be more difficult for the self employed although it is a lot easier than it used to be. Most lenders will lend to the self employed, just depends on how long you have been trading and what your accounts look like.

steven842 wrote:

and at the moment i wouldnt be able to afford / get one any way

Good to see that you actaully have considered this rather than seeing home ownership as a right or must have. :beer:

steven842 wrote:

but come july i will be free of debt and have money for the first time in 3 years .

One good step once you are debt free could be to pay the amount that was going towards your loans etc to a savings account for a deposit & emergency fund

steven842 wrote:

Most banks i have asked have said they need 6 months previous bank statements as you can imagine my previous 6 months show no extra money .

Most of the time an underwriter will have enough common sense to realise that a loan that has now been repaid will not be coming out of your account in the future. Not all lenders will want to see bank statements.

steven842 wrote:

I am tempted to change a few numbers on the statements would this be stupid ??? when i apply does the building society / mortgage broker have access into my account and know whats in there ???

No, no, no. Not only will it be the height of stupidity, but you would be considered to be attempting mortgage fraud if/when discovered. They do not automaticaly have access to your accounts, but most will be able to spot something that has been changed. You may well be doing this completely unneccesarily as not all lenders want to see you bank statements. Royal Bank of Scotland Group (incl NatWest) for example ask for 6 months from the self employed - others may ask for none.

Have a word with a broker and i am sure all your hard work over the last few years will be rewarded without having to resort to fraud.

naturegirl_2

Im self employed and had no trouble getting a mortgage, although the market was limited. I also had no accounts as I had just started my business so went self cert but had to have a BIG deposit. good luck

Rick62

If you are self employed lenders qwill generally do a mainstream mortgage if you can show 1 or 2 years profits. Otherwise you could do self cert, with typical interest rates about 0.5% higher and with a 15% deposit.

Prices are very high right now, and with all the recent rate rises and media focus on high debts prices can't keep rising as they have (some people think we may see a fall). So do n't even think about falsifying documents, its illegal (and lenders could put you on a fraud register), spend some time getting together more deposit and a longer track record, living with your parents may not be ideal, but is a great opportunity to save some cash.