setup a limited company to get 3 months wage slips for a mortgage

DannyboyMidlands

Why not cut out all the faffing around and order some fake payslips off the net?

HappyMJ

You will need a broker. If you have contracts you can borrow against those contracts as if you are employed. You can borrow against the full value of the contracts without any deductions being made.

The company will need to be profitable. Paying yourself a wage in excess of the income of the company will cause it to make a loss and will affect your take home pay.

Dave_Ham

The issue here is you view tax as optional. Mitigating this that you may pay more if it is a means to an end on the mortgage.

I am not going to lie and say this sort of "fraud" and however you dress it up, is it fraud goes on and there are companies out there that do all this for you and already have the companies running to undertake this at a huge few - I have had clients come to me when a fixed deal is up as they did not want to pay the huge fee again, although clearly I was not prepared to undertake the levels of "fraud" the previous broker did.

You are not miles away from a legitimate mortgage depending upon your latest figures so do not try and beat the system just yet..

Get some decent, qualified local advice as you may or may not get caught out on this plan; but does the reward really merit the risk?

Back to the drawing board now, please....

HappyMJ

DannyboyMidlands wrote: »

Why not cut out all the faffing around and order some fake payslips off the net?

Just make them up and print them out using the business accounting software provided by the bank when setting up the business. Although banks don't usually like laser printed copies for mortgage purposes as long as the figures match what has been deposited into the current account and the dates match then it helps prove they are genuine. Although I can't imagine how someone is going to explain the bank transfer back to the company so the company has enough money to pay themselves again next month.

notmyrealnameuk

look at the last comment by dave ham i could actually be looking at a net income of £30,000 this tax year as so far i have got some more contracts and have been doing some work for a contractor

so maybe i should get my latest year end done and dusted so i can submit it to the accountant and find out what my net income was for the 2011 year end and add some cash jobs to it to bump it up to £30,000 and then with this year end im currently in i will know my true income and hopefully it will be the same or more

i may not have to actually try to beat the system which would be an absolute godsend as im stressed to the max here trying to keep it all together for my family

notmyrealnameuk

HappyMJ wrote: »

Just make them up and print them out using the business accounting software provided by the bank when setting up the business. Although banks don't usually like laser printed copies for mortgage purposes as long as the figures match what has been deposited into the current account and the dates match then it helps prove they are genuine. Although I can't imagine how someone is going to explain the bank transfer back to the company so the company has enough money to pay themselves again next month.

we will have somewhere in the region of £36,000 to put a company up and running if need be, if you have time could you explain your reply in a little more detail as it sounds good

Dave_Ham

notmyrealnameuk wrote: »

look at the last comment by dave ham i could actually be looking at a net income of £30,000 this tax year as so far i have got some more contracts and have been doing some work for a contractor

so maybe i should get my latest year end done and dusted so i can submit it to the accountant and find out what my net income was for the 2011 year end and add some cash jobs to it to bump it up to £30,000 and then with this year end im currently in i will know my true income and hopefully it will be the same or more

i may not have to actually try to beat the system which would be an absolute godsend as im stressed to the max here trying to keep it all together for my family

This could well be achievable, your original post did you no favours as everyone assumed you were trying to find out ways to commit fraud rather than trying to find a solution to protect your family home. When re-reading you are trying to solve your own issue, rather than getting qualified, professional help.

Given the circumstances you do need professional help though, although you have time on your side and subject to a few hoops this should be achievable to safeguard your family.

Good luck (with the latter-not the thread title...)

Dave_Ham

notmyrealnameuk wrote: »

we will have somewhere in the region of £36,000 to put a company up and running if need be, if you have time could you explain your reply in a little more detail as it sounds good

And then I read this - now not sure if this is wind up thread or if you are just misinterpreting (or I am?) information from sarcasm..

harvey115

Hmm, here is what I know

- Limited company profit will not be considered for borrow amount, only your Gross pay would be considered
- You may pay yourself efficiently i.e. PAYE + Dividends (your accountant can then confirm your Gross pay per annum)
- If you show excess pay/dividend then the company profit then the lenders would straight away catch it, as it will show your are paying high salary for the larger borrow amount

Contracts:

- If you have contracts i.e. 6 months rolling etc, that would be excellent place to start, even if you have a Ltd company setup or not.
- You can use your contract amount as your Gross earning (through a broker), so any expenses and other amount does not effect your borrowing capacity

Hope this helps

The_J

Genuinely, the best advice I can give you at the moment, given how you view deaths in the family, is to murder someone who will leave you a bit of money in their will.

It's no less moral to be fair.