Proving Income for a Mortgage

jph101

I'm am trying to get a buy to let mortgage on house i own out right. I want to release funds to build a house for myself. The house is rented and the income will cover the amount of money i want to borrow. Because i live in Northern Ireland the number of lenders is small but i have found a lender which suits my needs. My problem comes when trying to produce proof of income. I'm self employed and my account has it so as i pay as little atx as possible. Unfortunately i cant prove i have adequate money for the lending criteria. The only think i can think of would be to be put on the pay roll of my family business for three months to get the adequate payslips. Is this fraud? Does anyone have anyother ideas on how to get round this. Could i get joint mortgage with someone who fits the criteria? Does this person have to be on the Deeds of the house? Any help would be greatly appreciated.

holly_hobby

Well obtaining payslips, with a false income, from a company whom you don't work for ... is yes, and to put it bluntly ... Fraud (but you already know that). And both you and THE FAMILY FIRM for facilitating the deception, will be liabile for criminal prosecution, should the lender providing finance off the back of any such documentation & info, discover the act.

Your accountant obv has all kinds of permitted deductions coming off your gross income - to net it right down for tax (which lets face it why you have one) ..... unfortuantely you can't have it both ways, and whilst thats great for you generally, when it comes to proving you can support finance, you're rather shot yourself in the foot.

If you have held a prevous mge (although at the moment unencumbered), there is a lender (The Mortgage Works) whom may suit. As although they want you to have an income, they choose not to verify it as part of their normal underwriting procedures (nb - although they do of course reserve the right to do so). A basic qualifying factor is also that the rental income is a minimum of 125% of mge repayments.

They lend within the UK, so this should include NI. BUT you would need to verify that via your broker, as their products are intermediary access only (indeed if he's not mentioned them, they they may well choose not to lend os of mainland UK).


Hope this helps

Holly

dotty9999

Unfortunately The Mortgage Works doesn't lend on properties in NI.

If a joint mortgage with someone who does have sufficient income is a viable option, I'd suggest discussing this with a broker who can recommend a suitable lender and consider this in greater detail.

Dave_Ham

You can get this through without going through with some ill conceived fraud plan.

Get a decent broker and they will sort this for you... and that includes it being in NI.

Good luck