Capital gains taxed considered??

edited 30 November -1 at 1:00AM in Mortgages & Endowments
5 replies 408 views
JameseeharveJameseeharve Forumite
8 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi :)

When applying for a mortgage will any companies consider capital gains tax as part of the income??
I complete self assessments and wondered if this would increase my borrowing? Or if it's purely the net income tax they use?

Does anybody have any experience of this?

Thanks

Replies

  • Hi :)

    When applying for a mortgage will any companies consider capital gains tax as part of the income??
    I complete self assessments and wondered if this would increase my borrowing? Or if it's purely the net income tax they use?

    Does anybody have any experience of this?

    Thanks


    Don't you mean the amount you keep "after" paying any CGT.?

    A tax is not an income, it's money going out.
  • Yes sorry it's the amount I have kept after paying the CGT.
    Would this amount be considered as an income within my tax year, that in turn I could use as an income for help when applying for a mortgage.
    Thanks
  • HappyMJHappyMJ Forumite
    21.1K Posts
    ✭✭✭✭✭
    A capital gain is not considered an income.

    It's also usually a one off. Are you going to get this capital gain every year? Is it guaranteed?

    Mortgages require a regular income such as wages/salary/profits/dividends etc. A capital gain wouldn't be regular enough.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Yes sorry it's the amount I have kept after paying the CGT.
    Would this amount be considered as an income within my tax year, that in turn I could use as an income for help when applying for a mortgage.
    Thanks


    What HappyMJ says above.
  • Thanks to both foth for swift reply :)
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