Help Needed: Mortgage Refusal Due to Possible Financial Oversight

MWT

ACG said:

The fact it has not been declared is a bigger issue and suggests tax evasion. But I am still not completely convinced that that is the issue. 

I suppose it is possible that National Hunter flagged it after the TSB application which would explain the other declines perhaps?

ACG

Thats the only thing I can think. As most lenders would only request the SA302 if the income from it was being used. 

Hoenir

Lenders can check declared income directly with HMRC. Receive confirmation as to it's accuracy. 

Hoenir

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

fatboydaz

Hoenir said:

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

We wanted to purchase a bigger property so our plan was to convert that to a BTL live with my brother and save up a big deposit which we managed to do. While living with my brother our original term with nationwide ended so we moved to TSB as they had the best BTL rate. The mortgage did increase however the rental income was still covering it. The mortgage for the BTL is £740 and the Rent is now £1300. 

We are looking to borrow £270k for the new house I’m on 50k my wife on 34k and we have a 20% deposit. We have no financial commitments outside the BTL. 

fatboydaz

If you were to rectify any Taxes owned to HMRC would your name still stay on the hunter database? Would it mean I could never get a property again?

Hoenir

fatboydaz said:

Hoenir said:

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

The mortgage for the BTL is £740 and the Rent is now £1300. 

Do you have a fixed term mortgage product for the BTL?  

fatboydaz

Hoenir said:

fatboydaz said:

Hoenir said:

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

The mortgage for the BTL is £740 and the Rent is now £1300. 

Do you have a fixed term mortgage product for the BTL?  

Yes we fixed in feb 2024 for 2 years 

Hoenir

fatboydaz said:

Hoenir said:

fatboydaz said:

Hoenir said:

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

The mortgage for the BTL is £740 and the Rent is now £1300. 

Do you have a fixed term mortgage product for the BTL?  

Yes we fixed in feb 2024 for 2 years 

Out of curiosity what was the interest rate? 

fatboydaz

Hoenir said:

fatboydaz said:

Hoenir said:

fatboydaz said:

Hoenir said:

fatboydaz said:

Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.

From the lenders perspective. What was the plan back in 2022? Was there a reason not to remain in your own property. When is the BTL mortgage product due for renewal? Is there a hefty increase in interest rates on the cards. Which will impact profitability. 

The mortgage for the BTL is £740 and the Rent is now £1300. 

Do you have a fixed term mortgage product for the BTL?  

Yes we fixed in feb 2024 for 2 years 

Out of curiosity what was the interest rate? 

Hi, it believe it was 4.85%