Self-Employed Mortgage - No Previous Declared UK Income

TCA

Is it possible for a self-employed British citizen, newly returned to the UK after several years non-residence, to get a mortgage without 2 or 3 years of declared UK taxable income?

Everything I read points to UK sets of accounts, self-assessment returns and accountants' certificates verifying declared UK income.

Does anyone know of any lenders who will accept prior years' undeclared income during periods of non-residency? i.e. income earned whilst overseas.

GMS

What loan to value is this?

Non declared income will not count for anything as it could be made up on the spot.

How long have you been established in the UK? Do you have an accountant?

TCA

I'll take any LTV I can get but could deposit up to 25%. Back in the UK less than a month after a 5 year absence. I have proof of earnings (bank account statements and invoices) but not declared in the UK. I am an accountant, so don't use one.

ACG

The idea of accounts is that it gives them an idea of your future income... if you dont have anything that can be evidenced then its difficult.

Do you have contracts in place? If so and its a relatively low loan to value you might get the odd lender prepared to look at it.

TCA

No contracts and no accounts but the accounts would be 1 line of income and 1 line of expense. Easily drawn up and tied back to invoices and bank statements but nothing to do with the UK tax system and not reported therein.

GMS

Build a years accounts then try again. No way as of today

TCA

Kind of hoped the fact I could demonstrate 3 previous years income, that it wouldn't matter where I earned it, but your answer was half expected. So I need to put some time in here in the UK and/or get a PAYE job.

Thanks for replying.

GMS

TCA wrote: »

Kind of hoped the fact I could demonstrate 3 previous years income, that it wouldn't matter where I earned it, but your answer was half expected. So I need to put some time in here in the UK and/or get a PAYE job.

Thanks for replying.

You can't demonstrate income as it was non declared? As your self accountant you could state any figure you choose.

Put yourself in a lender shoes. Would you lend to yourself, honestly?

TCA

My income is undeclared but only in the UK and that's because I lived and worked abroad. Nothing is being fabricated and I wouldn't just be rhyming off numbers. I can show UK bank statements demonstrating income going back however many years they like. And most of it still now resides in UK savings accounts. So yes, I would lend to me. I'm only different to the next guy because of my prior tax status.

wannahouse

TCA wrote: »

My income is undeclared but only in the UK and that's because I lived and worked abroad. Nothing is being fabricated and I wouldn't just be rhyming off numbers. I can show UK bank statements demonstrating income going back however many years they like. And most of it still now resides in UK savings accounts. So yes, I would lend to me. I'm only different to the next guy because of my prior tax status.

so what you are saying is that you declared and paid tax in the country you earnt it at the time, not the uk?

not that it earnt was cash under the table?

i thought i read on british expats that there is such a thing as an expat mortgage for those returning to the uk after earning overseas?

TCA

wannahouse wrote: »

so what you are saying is that you declared and paid tax in the country you earnt it at the time, not the uk?

yes, but lived in a tax-free country

wannahouse wrote: »

i thought i read on british expats that there is such a thing as an expat mortgage for those returning to the uk after earning overseas?

thanks, that's helpful. as i'm technically no longer an expat it didn't dawn on me to check that route, but there are products for returning UK citizens, albeit with some restrictions.

i'll keep googling but i found out that it's not essential to have a recent credit history in the uk and having maintained a uk address for correspondence will help in that respect. getting a copy of my credit file is also suggested as a good idea in the first instance. looks like using a broker could be the best route.

http://www.liquidexpatmortgages.com/