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Bankrupt and wantong buy a home
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I understand....
With a 10% deposit, your OH will be able to get maximum £50k for every £10k earned.
You are likely to need another 1-2 years minimum personally before you are likely to get a mortgage, but criteria and lenders do change perspective from time to time...
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
stickyvikki wrote: »Unfortunately my partner has been putting books thru of £7.5k earnings after all his outgoings i.e Car, taxi rank petrol tyre etc.. The true figure because it is cash in hand os obv a little higher but hard to track as he has a tendency to buy bait and fancy tyres for his car.
If you want to buy a property and start a family. Suggest you declare more income. Leaving yourselves open to investigation from the HMRC isn't advisable. Penalties for tax evasion aren't worth the risk.0 -
stickyvikki wrote: »The value of the flat is £70k and we were offered £28k disc that being the maximum for our postcode.
Unfortunately my partner has been putting books thru of £7.5k earnings after all his outgoings i.e Car, taxi rank petrol tyre etc.. The true figure because it is cash in hand os obv a little higher but hard to track as he has a tendency to buy bait and fancy tyres for his car.
My credit check is showing very good and all my past debts are now showing satisfied my partners is good and showing all bills paid on time.
So, he is only declaring £7.5k even though it should be more and he suppresses the rest of the takings and spends it on his hobbies?
Sorry - that's tax evasion.stickyvikki wrote: »Hi Agrinnall, yes we are in a rut with the situation but I have come on MSE not to be criticised but to ask for genuine help sometimes you need that off the record help. I thank you for your post and totally agree with you we are just looking at ideas and help in the comfort of our own home to help us answer all the questions we have. Yes my partners declares all his income unlike a lot of people in the UK and pays his tax and NI bills so we will definately not have any Tax man at our door.
Eh, not according to your previous post.
If your partner wants to get a mortgage based on his income then he needs to start keeping honest books.
Keeping accounts for a cash business is the easiest thing in the world... no excuses... spending the cash before it hits the books IS tax evasion.:hello:0 -
If you want to start a family, I wouldnt buy the one bed place, you know you have to sell it in a few years assuming you do start the family, cannot see the benefit in that, too much money lost in fees etc, better to pay what I assume is a low market rent, and save save save for a few more years, also means the bankruptcy thing is truly committed to history.0
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Have you considered a lender that takes a realistic view of accounts? There could be a couple of options for your partner - I suggest you talk to an experienced and able broker.0
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You can't have two different annual incomes, one for tax purposes, and a completely different income for mortgages purposes......and tax evasion is a criminal offence....."You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »You can't have two different annual incomes, one for tax purposes, and a completely different income for mortgages purposes......and tax evasion is a criminal offence.....
Some mlenders take a grown up view.
Example, Jimmy Carr may appear to have no income but a mature sensible adult will realise he has a significant income. Same with Ken Livingston and many other well off people.
A Black Cabby as an example has entered into his accounts a 'cost' known as 'use of home as business'.
This is of course not a real tangible cost and as such some lenders ignore it.
Another significant notional cost is a Directors loan account. These can make a healthy income look tiny, but they are not a real cost.
Be aware that even leading left wing treasures such as Tony Robinson and Billy Bragg use a Ltd co to take income through which makes it APPEAR they have a reduced income.
So even the most ethical people out there are doing it.0
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