Mortgage Application - Full Declaration of Income?

The_J

Chris_Justice wrote: »

Nail on the head right there, only 1 year of accounts. The company is profitable (30k salary out of an available £60k profit) so they wouldn't find a company making a loss. You've pretty much answered my question though, I was wondering if deflating my income still be considered fraud and I guess it would! Oh well.

The reason I was asking about this is that the alternative (which will now become the reality) is that I have to sell my flat even though I can more than afford to keep it. B***ocks

Speak to a broker. 1 year accounts are still a possibility. If you are going to do it you have to feign ignorance but I can assure you at the moment some lenders are taking no prisoners.

Peter Mandelson MP. He could have killed the entire board of the Chelsea BS with a fork and got away with it.

Chris_Justice

I have actually tried a broker but the deal was pretty shocking and any movement in the base rate would have crucified me. The only viable option would be to keep this mortgage.

The really frustrating thing here is that once you've got the mortgage you can change your circumstances as much as you like and not tell them just so long as you keep paying. Its getting them to accept you in the first place that's the trick. It makes me want to sell my stake and go back to working for a big corporate for a few months...urgh.

I don't really think i'd want to carry on without declaring the situation as I don't have good luck and I can guarantee that they would spot my share holding haha. Cheers for all the replies by the way guys, some really good stuff there.