Not earning enough for your mortgage?
Discussion
k as far as I can see.........
Download the statements in pdf format and edit them. Easy to do.
True story. One of my clients - a family lawyer - was acting for the husband in a very messy divorce. When the wife saw the husband's schedule of assets she was suspicious of the income being declared. She still lived in the matrimonial home and went on a search for bank statements which she found locked away in her husbands safe. She photographed them and emailed to her solicitor who emailed to my client. Lo and behold, the statements showed salary payments as £2xxxx and £3xxxx whereas the statements supplied by the husband showed them as £1xxxx.
When questioned, the husband confessed to having edited all the pdf financial statements he had submitted.
True story. One of my clients - a family lawyer - was acting for the husband in a very messy divorce. When the wife saw the husband's schedule of assets she was suspicious of the income being declared. She still lived in the matrimonial home and went on a search for bank statements which she found locked away in her husbands safe. She photographed them and emailed to her solicitor who emailed to my client. Lo and behold, the statements showed salary payments as £2xxxx and £3xxxx whereas the statements supplied by the husband showed them as £1xxxx.
When questioned, the husband confessed to having edited all the pdf financial statements he had submitted.
KungFuPanda said:
Most mortgage lenders demand to see bank statements now anyway so having dodgy payslips won’t fool them.
Having mortgaged a house with a high street lender recently (last 4 months) this was my first thought. However the bank statements they accepted were a mix of printed copies and saved online banking PDFs, neither of which would be too difficult to doctor so they matched the false payslips. The only time my bank account was actually eyeballed to my knowledge was when I let my broker have a quick glance at my banking app on my phone to prove we had sufficient money for the deposit accessible.This won't work because banks can check with HMRC to see if the declared earning and payslips tie up with the amount of tax they have paid.
https://www.cml.org.uk/policy/policy-updates/all/t...
https://www.cml.org.uk/policy/policy-updates/all/t...
msmith0592 said:
This won't work because banks can check with HMRC to see if the declared earning and payslips tie up with the amount of tax they have paid.
https://www.cml.org.uk/policy/policy-updates/all/t...
Can but don't have to..https://www.cml.org.uk/policy/policy-updates/all/t...
Actually, as I do mortgages every day, I can confirm that there are some lenders that won’t ask for payslips at all, they have a link to HMRC, and check income declared against the record.
Where lenders ask for payslips, many only ask for the payslips, some will ask for payslips and bank statements. You can guess which will ask for what with experience, but there is little common practice, every case is assessed based on many factors, and sometimes even the best cases need chapter and verse and the one you feel might be the highest risk sails through.
Mainly at the moment, they check self employed to ensure that the current banking receipts tally with the (historic) income information they use - tax calculations and overviews, generally for 5/4/19 and before currently as most self employed so this years accounts from September to January, so the data isn’t available. This is to protect against those whose income is affected by COVID.
If you lie, or someone else does it for you, on an application for a mortgage, it is mortgage Fraud, and carries a custodial sentence. Some brokers don’t seem to worry about that, but I do. There is usually a way to get what you want legally and correct.... doing it the dodgy way isn’t guaranteed to get you caught, but as it’s prison if you are, don’t take the chance
Where lenders ask for payslips, many only ask for the payslips, some will ask for payslips and bank statements. You can guess which will ask for what with experience, but there is little common practice, every case is assessed based on many factors, and sometimes even the best cases need chapter and verse and the one you feel might be the highest risk sails through.
Mainly at the moment, they check self employed to ensure that the current banking receipts tally with the (historic) income information they use - tax calculations and overviews, generally for 5/4/19 and before currently as most self employed so this years accounts from September to January, so the data isn’t available. This is to protect against those whose income is affected by COVID.
If you lie, or someone else does it for you, on an application for a mortgage, it is mortgage Fraud, and carries a custodial sentence. Some brokers don’t seem to worry about that, but I do. There is usually a way to get what you want legally and correct.... doing it the dodgy way isn’t guaranteed to get you caught, but as it’s prison if you are, don’t take the chance
rlw said:
Download the statements in pdf format and edit them. Easy to do.
True story. One of my clients - a family lawyer - was acting for the husband in a very messy divorce. When the wife saw the husband's schedule of assets she was suspicious of the income being declared. She still lived in the matrimonial home and went on a search for bank statements which she found locked away in her husbands safe. She photographed them and emailed to her solicitor who emailed to my client. Lo and behold, the statements showed salary payments as £2xxxx and £3xxxx whereas the statements supplied by the husband showed them as £1xxxx.
When questioned, the husband confessed to having edited all the pdf financial statements he had submitted.
No doubt she got the house to he car and half his earnings for the next 20 yearsTrue story. One of my clients - a family lawyer - was acting for the husband in a very messy divorce. When the wife saw the husband's schedule of assets she was suspicious of the income being declared. She still lived in the matrimonial home and went on a search for bank statements which she found locked away in her husbands safe. She photographed them and emailed to her solicitor who emailed to my client. Lo and behold, the statements showed salary payments as £2xxxx and £3xxxx whereas the statements supplied by the husband showed them as £1xxxx.
When questioned, the husband confessed to having edited all the pdf financial statements he had submitted.
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