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New landlord. Tenant Self employed. Help needed.
Comments
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thanks everyone for your valuable input.
I have taken all your points on board. I will go ahead with the TV check and also look at Accounts for last 2 years. Will report back as to how I am getting on0 -
Sunny2good wrote: »
Exactly, thats what I thought too. If they are cheating on Tax returns, it makes me think as to what else they might cheat on.
I can honestly say that in my long experience, every self employed person seeks to keep thier income looking as low as possible on paper, afterall millions of self cert mortgage were bought for this very reason.
It's completely normal for a self employed person to show very low personal income / profits.
In the end I would personally take a more common sense approach, perhaps augmented with last 3 months Bank statements to see if there is satisfactory conduct (for example not always darrrnn the bookies).
I let all my own properties before I sold them and overall it was simple and easy apart from my 'best' tenant on paper, who was a middle class lawyer! He turned out to be a filth monster but I kept his deposit.
One tip I used - always video the property including all floors etc when the T is moving in - i'e' with them in the background as I found this useful in terms of reminding tenants I wanted the place handed back in the same condition. A little OTT, but just warn prospective T's early on you are fussy and will be doing this.0 -
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It's completely normal for a self employed person to show very low personal income / profits.
....... ..
Well, maybe, until they need a mortgage when they suddenly declare much more ( a relative did that last year...).
If the individual declares a low income, fine: But that's his income, not some figure plucked from the air... Any other figure may be his turnover but ain't his income...0 -
conrad has it right go with your gut feeling I always do ,self employed are not as easy to follow up but try Google too you would be surprised I google everyone now and private landlord directory NLA and RLA will get you a cheaper credit check than T.V they are all the same , you need to be a financial service company offerinng credit to get a more detailed check and the T.V add ons you can do yourself with a couple of calls0
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