Self employed can't prove (good) income, BTL mortgage a solution?

theone999

I am !!!!ing away rent everything month to parasitic landlords and estate agents but I can't get a mortgage because I don't have "full time employment", even though rents always exceeds mortgage. My self employment income is bad because of first year capital costs and I also do some on the side cash jobs.

Buying a house in the worst deprived area near me costs £40k. I'm currently renting in nicer areas but willing to muck about with the lowest of the low to escape serfdom.

Is BTL mortgage a possible solution? As self-cert no longer exists.

Smi1er

BTL mortgages have T&C's saying you can't live in the property.

Many BTL mortgages require you to have a home either owned or mortgage by you.

Looks like doing cash jobs has caught up with you. Declare your full income and find yourself a good broker.

mrginge

I need to decide who I despise more.
Parasitic landlords or tax dodgers.
Tough call.

BrassicWoman

save all of the on the side cash until you don't need a mortgage

jonnygee2

I am !!!!ing away rent everything month to parasitic landlords

I also do some on the side cash jobs

I don't suppose you see any irony in calling other people 'parasitic' when you are hiding income so you don't have to pay what you fairly owe to society?

jonnygee2

So you think the guy in the street doing a few cash in hand jobs compares to the big corporations and people who purposefully buy Ltd companies to minimize their tax to the tunes of thousands?

I didn't make any comparison to any corporations.

I am full time employed and I have to pay all of my taxes. Why should I have to pay more taxes to cover the asses of people who are self employed and illegally avoiding tax?

We all receive the same services and therefore we should pay the same rates of tax, as per the law and according to our income.

If you do not, then you are a parasite to society - not contributing what you owe and still receiving the services paid for by others.

SmashedAvacado

Admitting to income tax evasion and potentially vat evasion is punchy.

You shouldn’t do it but if you do do it then admitting it to people you don’t know is crazy.

As a landlord I pay tax. I also pay tax as an employee. You’re a criminal and whether you think there are worse offenders than you / the fact remains.

If they catch up with you you’ll likely lose your house and livelihood. Have a think about that when ripping off the nhs and education system. You’d better hope they are not about to ask this forum for your IP address

theartfullodger

theone999 wrote: »

.................. I can't get a mortgage because I don't have "full time employment", .................. My self employment income is bad because of first year capital costs and I also do some on the side cash jobs. ..............

No problem, simple solution: Contact HMRC & come clean, declare all income & pay the extra tax you've been fiddling, then you'll have the right income figures to report: Job done!


And smug feeling of being honest at last after all those years..



Anything else you've "forgotten" to get right, please?


I 'ates crooks and cheats, be they tenant, agent, landlord, MP etc etc etc....




Cheers all!

theone999

:A

SmashedAvacado wrote: »

Admitting to income tax evasion and potentially vat evasion is punchy.

You shouldn’t do it but if you do do it then admitting it to people you don’t know is crazy.

As a landlord I pay tax. I also pay tax as an employee. You’re a criminal and whether you think there are worse offenders than you / the fact remains.

If they catch up with you you’ll likely lose your house and livelihood. Have a think about that when ripping off the nhs and education system. You’d better hope they are not about to ask this forum for your IP address

I haven't admitted to anything, because I haven't filed a tax return for the past year yet.

You seem to think I'm living it up big when in reality, I'm young, having had bad job's / no jobs and now self employed. The parasitic nature of landlords isn't exactly helping, take the dump of a house I saw on Rightmove. The mortgage calculator puts it at 1/3 to 1/2 of the rent I see for houses in that area. Which means landlords are making a killing there, leeching off the least well off in society, or for that area leeching off the government, which are subsidising a lot of the tenants there.

I read an interesting statistic that in 2007, 40% of mortgages were not income verified. So back then, hundreds of thousands of people had the option to buy a house and not be ripped off by a BTL landlord.

You do realise most under 30s hate your guts and will eventually vote for euthanasia of the rentiers.

BrassicWoman

theone999 wrote: »

I read an interesting statistic that in 2007, 40% of mortgages were not income verified. So back then, hundreds of thousands of people had the option to buy a house and not be ripped off by a BTL landlord.

And then the banking system started to implode through bad debts.

Have a watch of The Big Short. Good film. USA version, but explains a lot.

[Deleted User]

theone999 wrote: »

I am !!!!ing away rent everything month to parasitic landlords and estate agents but I can't get a mortgage because I don't have "full time employment", even though rents always exceeds mortgage. My self employment income is bad because of first year capital costs and I also do some on the side cash jobs.

Buying a house in the worst deprived area near me costs £40k. I'm currently renting in nicer areas but willing to muck about with the lowest of the low to escape serfdom.

Is BTL mortgage a possible solution? As self-cert no longer exists.

There it is, the landlords costs/overheads and expenses ......


Maintaining property is a costly and never ending job, every homeowner has to agree, it's never going to stop because the day it does is the day the property fails/suffers and costs twice as much to rectify.


A lot of people, generalising i know, see a figure earnt and assume that it's pure profit - in business it's simply not, as a self employed person myself i am constantly surprised that others see my income as pure profit - all mine to spend how i choose - not so, we have overheads, as a self employed person yourself you know exactly how it works.


My point is that all Landlords, i am not one, are not using your/their rent to fritter it away on whatever they choose they are maintaining something which suffers 'wear' each year, and Landlords actually have an even tighter set of rules to adhere by.