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

notmyrealnameuk

GMS wrote: »

Now we are talking fraud. Don't do it.

thanks for the reply, in your opinion and experience what is the worst that can happen should the lender find out?

i would like to add i have now spoken to a good friend and IFA that is looking into whether i can remortgage in october this year with 1 year's accounts with me not declaring any expenses and i will need to say i earned more than i actually did

this would be to get a residential capital repayment mortgage, or interest only with the option of overpaying it

otherwise i will have to wait another year and just put down £30,000 net income profit and pay the tax on what i dont earn

i've decided against going down the route of this original thread as it's too risky but i needed to get some advice from others on here and i have got that now

antrobus

notmyrealnameuk wrote: »

thanks for the reply, in your opinion and experience what is the worst that can happen should the lender find out? ...

What's the worst that could happen?

The lender could report the matter to the police. They pass a file to the CPS who decide to prosecute, the judge decides to make an example of you and sentences you to two years. Your business collapses, your house is repossesed, your wife sues for divorce, your cat runs away etc etc

FraudBuster

and i will need to say i earned more than i actually did

Mortgage Fraud.

notmyrealnameuk

antrobus wrote: »

What's the worst that could happen?

The lender could report the matter to the police. They pass a file to the CPS who decide to prosecute, the judge decides to make an example of you and sentences you to two years. Your business collapses, your house is repossesed, your wife sues for divorce, your cat runs away etc etc

yes that's quite a heavy response isn't it, and i'd like to avoid it obviously, it's frustrating that the system is so tight after so many people ruined the self cert system during the credit crunch because i have always paid the mortgage since the start of 2009

i've started up a new thread to find out if i can borrow the £120,000 based on a net income of £30,000 over 1 or 2 years accounts

https://forums.moneysavingexpert.com/discussion/comment/52990129#Comment_52990129

notmyrealnameuk

FraudBuster wrote: »

Mortgage Fraud.

well it's quite common i'm afraid and wouldn't have to happen if the system wasn't so aggresive towards normal solvent people like myself

and no-one wants to pay tax on earnings they didn't take do they?!

notmyrealnameuk

i have satisfied myself that i need to have a minimum of 1 years accounts, but 2 years would give me more lenders, showing a net profit of £30,000 to get a mortgage of £120,000

this has been confirmed now by 2 IFAs, both with over 30 years experience each

thank you all those that contributed positively on this thread and the other thread