Tax Returns And Income
When Tax Returns Are Not A True Representation Of Your Income!
Good accountants will always write off the maximum allowed within accounting rules, laws and regulations to make sure you pay as little tax as possible. As we all know, this will have a detrimental effect on the actual amount of income shown through your accounts. If your accounts are structured in a way where they do not represent a true reflection of your income then a self cert mortgage may indeed be the best route for you.
Real life case study...
Alison contacted us via this website as she needed to remortgage away from her current lender as her current mortgage deal was ending, and she wanted to raise some extra money to buy a new car.
Since arranging her last mortgage, Alison had become self employed as a driving instructor. She enquired with her existing lender, but they could not assist with the additional borrowing as she was not able to prove all of her income. The nature of her business means that she is able to write off a lot of costs against her net profit, and as a result, her tax returns did not show her full income. Her current lender had advised her she needed a self cert mortgage.
We explained to Alison that, because she had at least 15% of equity in her property, we had the option of offering a choice of self cert mortgage lenders. We managed to obtain a rate which was even better than the best deal her current lender would have been able to offer her if she had been able to prove her income. Alison was delighted, naturally.
The deal also included a free valuation and free legals, saving her approximately £1,000 in additional costs.
Only 3 weeks after she first contacted us, her new mortgage had completed, and she was able to go out and negotiate a good price for her new car as she was able to buy with cash.
"I was very impressed with Lisa's (our mortgage adviser) knowledge of the products she was offering. She obviously knows her job extremely well. From our first telephone conversation it was obvious she knew what she was talking about. She reassured me that everything would go smoothly (which it did) and she helped me when there were decisions to be made. I cannot recommend her highly enough and will therefore have no hesitation in recommending The Mortgage Broker Ltd and Lisa in particular. I would also like to mention Helen (admin) who was also very helpful and knowledgeable. Both of these girls helped me to re-mortgage in just a few weeks... very impressed."
