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Does this mortgage application look strange to an underwriter
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oasishoww
Posts: 1 Newbie
Im in the process of an application via a broker. I have submitted all my documents and its been double checked by their admin team. They have done a DIP and that come back as fine and they suggested to go with Nationwide.
But I'm not sure if this looks dodgy after Googling for some answers on something else on I come across information about staged income.
My boss who I have worked for, for the past twenty something years has decided to give me a chance and promoted me to a management posistion and comes with a pay rise that doubles my existing pay so in other words I'm getting 100% pay rise and a company car. The new role doesn't start until November and Nationwide have said they would take a letter off my employer stating the new wage and the start date Thats been done, signed and its been submitted to my broker.
The only problem is that over the past number of months I have been doing some work on the side for my boss for one of his other companies but I haven't yet declared this for Tax or NI. For a number of months there has been £500 going in to my bank account on the same day of the month from my bosses personal bank account which in turn is the same name thats signed the wage increase letter as he is the boss.
What i'm asking is will the underwriter ask what the £500 each month coming in is and will they ask if I have declared it? Does it also look strange that the person thats paying me the £500 a month into my bank from his personal bank account is the person thats signed the wage increase letter or wont it matter.
Im not using any of the money for a deposit as we have equity in the house I am selling and I can afford the mortgage without the £500 as I'm having the wage increase and the £500 will be stopping this month as the work I was doing for him will now be included within the promotion. I haven't included the £500 a month in the mortgage application.
Can anyone tell me if this will get questioned or if I will have to prove that I have declared the extra monthly £500 deposits in the bank. I know they are looking for large deposits of money, but £500 is not a large sum of money. There is no laundering and its just a case of the money hasn't been declared which they will be able to see by the P60 or by using the mortgage advice scheme to contact HMRC.
Im going to register for self assessment and get the money declared
But I'm not sure if this looks dodgy after Googling for some answers on something else on I come across information about staged income.
My boss who I have worked for, for the past twenty something years has decided to give me a chance and promoted me to a management posistion and comes with a pay rise that doubles my existing pay so in other words I'm getting 100% pay rise and a company car. The new role doesn't start until November and Nationwide have said they would take a letter off my employer stating the new wage and the start date Thats been done, signed and its been submitted to my broker.
The only problem is that over the past number of months I have been doing some work on the side for my boss for one of his other companies but I haven't yet declared this for Tax or NI. For a number of months there has been £500 going in to my bank account on the same day of the month from my bosses personal bank account which in turn is the same name thats signed the wage increase letter as he is the boss.
What i'm asking is will the underwriter ask what the £500 each month coming in is and will they ask if I have declared it? Does it also look strange that the person thats paying me the £500 a month into my bank from his personal bank account is the person thats signed the wage increase letter or wont it matter.
Im not using any of the money for a deposit as we have equity in the house I am selling and I can afford the mortgage without the £500 as I'm having the wage increase and the £500 will be stopping this month as the work I was doing for him will now be included within the promotion. I haven't included the £500 a month in the mortgage application.
Can anyone tell me if this will get questioned or if I will have to prove that I have declared the extra monthly £500 deposits in the bank. I know they are looking for large deposits of money, but £500 is not a large sum of money. There is no laundering and its just a case of the money hasn't been declared which they will be able to see by the P60 or by using the mortgage advice scheme to contact HMRC.
Im going to register for self assessment and get the money declared
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