[irwin]

hhello one and all just thought id run one by you first if i want a mortgage i have to have healthy books thats a given but if i have healthy books mr tax man takes a healthy interest..... if i dont declare all and keep some by on the hush then my books wont be healthy and so jepordise my chance of getting a mortgage
    you see i want it all so basically what comes 1st chicken or egg i know 3 years books will be wanted are there companys that will give a mortgage if you have a healthy deposit my missus earns 14.000 we have no debt dont owe a penny not even a credit card so wot do you rekkon???

[craig jwc]

That's why i declare everything i do.
I'm looking at changing my mortgage so been honest pays if you want big loans.

[simbo]

get a self cert mortgage,
 ask an adviser mine is with the halifax v good no proof of income needed. You can afford more than you can get based on your books and they have nothing to lose because if you borrow too much and cannot repay they get your house the same as any other mortgage but with a self cert its up to your judgement and also consider that your income should grow quite a bit during the mortgage term
cheers simbo

[Paul Coleman]

hhello one and all just thought id run one by you first if i want a mortgage i have to have healthy books thats a given but if i have healthy books mr tax man takes a healthy interest..... if i dont declare all and keep some by on the hush then my books wont be healthy and so jepordise my chance of getting a mortgage
    you see i want it all so basically what comes 1st chicken or egg i know 3 years books will be wanted are there companys that will give a mortgage if you have a healthy deposit my missus earns 14.000 we have no debt dont owe a penny not even a credit card so wot do you rekkon???

Well it is better to be honest with the IR - even if it's only because you can sleep better.
The bit about self cert mortgages further down is the way to go I think.  Many of the available deals you will not see publicly advertised.  With self cert, you often have to find a higher deposit and will probably have a higher interest rate to repay as they are generally seen as higher risk for the lender.  I know that some companies will lend 90% of property value on self cert but you will need to see an independent broker because you won't find things like that in the High Street.
One problem can be that when the fixed rate ends, you may end up paying more than you would from a more mainstream lender.  The trick is to switch lender when the fixed rate has expired.  This can be a bit risky because if property prices start to fall (as they surely will), you may have trouble finding another lender  UNLESS you use the fixed rate period to put money aside to pay a lump sum to reduce your debt.  Alternatively, some lenders will allow you to repay upto 10% of the total debt each year - even within the fixed rate period.  So if you're not very good at putting money aside, that may be another option.  Of course if interest rates stay lowish and property prices remain stable or continue to rise a bit, then no problem.
I only know this stuff because I recently re-mortgaged on self cert.  Basically I have 2 years and 9 months to sort my finances out.  That's why I 've become a lot stricter with my customers recently and price new work higher than I used to.

[simbo]

shiner, could not have put better myself. Things were a bit easier for me as i had a lot of equity in my house but through an adviser got the same rates as anyone else gets i had to do self cert as had only just gone self employed a few months and wanted to move but knew my earning were growing as much as i wanted them to eg effort i put into growing business so no probs also a few years ago was made redundant during the house moving process so celf cert and no probs
simbo

[Paul Coleman]

shiner, could not have put better myself. Things were a bit easier for me as i had a lot of equity in my house but through an adviser got the same rates as anyone else gets i had to do self cert as had only just gone self employed a few months and wanted to move but knew my earning were growing as much as i wanted them to eg effort i put into growing business so no probs also a few years ago was made redundant during the house moving process so celf cert and no probs
simbo

Well I am planning to earn very well during my 2 year and 9 month reprieve.  My first goal is to get rid of the non secured debts (there was still a bit left even after re-mortgaging) except for the van/system loan as the interest is tax deductible.  Once that has been achieved, I want to chip away at the mortgage as much as possible up to the time my fixed rate ends (Autumn '09).  By that time, I intend to have increased the equity to the point that I can get another deal without having to resort to self cert.  My van/system loan ends about a year after my fixed rate mortgage by which time the van will be eight years old so I will need to have room to take out another.  It would be silly paying off the van/system loan early as I have it at 5.9% fixed and I get tax relief on most of the interest too.

[mick hay]

nice one simbo ther is hope then is a self cert not a 10% or a 15% deposit dont mean to harp on mate

unfortunatley all self certs are either 10 or 15% deposits, im saving for one myself. You really need to go to 15% for a decent interest rate!

[WavieDavie]

hello one and all just thought id run one by you first if i want a mortgage i have to have healthy books thats a given but if i have healthy books mr tax man takes a healthy interest..... if i dont declare all and keep some by on the hush then my books wont be healthy and so jepordise my chance of getting a mortgage

There are over 10,000 members on this forum. Do you really think they are all window and carpet cleaners? It hasn't ocurred to you that HMRC are allowed to trawl bulletin boards?

Delete your posts, come back as somebody else, but only if you're going to be legal. If you want to boast about screwing the rest of us by not paying the proper tax you should find a different board.

No reply necessary.

[Moderator David@stives]

Irwin

why should i give you advice, I compete with the likes of you in my area and it really gets to me that i pay thousands in tax and charge accordingly, then i get the likes of you who think they can get away with not declaring all there income, so can afford to do the job cheaper.

do yourself a favour and get it right, from the start.

The taxmans not daft he only has to look through your letter box to see how much money you are on.

Anyway i think you have already told them how you operate.

Dave

[Paul Coleman]

Irwin

why should i give you advice, I compete with the likes of you in my area and it really gets to me that i pay thousands in tax and charge accordingly, then i get the likes of you who think they can get away with not declaring all there income, so can afford to do the job cheaper.

do yourself a favour and get it right, from the start.

The taxmans not daft he only has to look through your letter box to see how much money you are on.

Anyway i think you have already told them how you operate.

Dave

I hadn't thought of it that way Dave but I suppose people who cook their books do make my legitimate business harder to compete.
Also, it wouldn't surprise me if tax investigators do have a look in places like these.  I once knew a guy who worked for IR investigation and he told me some of the things he got up to in order to catch people.  This was before the internet became more mature but looking at tradespeoples small ads in shop windows, enquiring about rooms to let (if this looked like exceeding the extra tax free allowance for such activity), and checking cab drivers' fuel receipts against mileage are but a few examples.  He told me that he even caught out one guy who had a diesel vehicle because he put petrol receipts thrugh.

[macc]

Irwin

why should i give you advice, I compete with the likes of you in my area and it really gets to me that i pay thousands in tax and charge accordingly, then i get the likes of you who think they can get away with not declaring all there income, so can afford to do the job cheaper.

do yourself a favour and get it right, from the start.

The taxmans not daft he only has to look through your letter box to see how much money you are on.

Anyway i think you have already told them how you operate.

Dave

Well said Dave. It gets up my nose when i run legit, paying my taxes when you know others cooking their books, .

All my customers can pay cash or cheque, i dont care because its all money & goes in the books. The look of surprise i get from a new customer when i say cheques are fine. 

[Moderator David@stives]

I see irwin has de-registered himself .

I wonder why lol


dave   

[The Great One]

Hi

I'm the same, it all gets declared.

Almost everything I do is invoiced anyway but the few cash jobs I do get still go through the books, it's just not worth it to do the taxman out of cash.

Regards

Martin