Donkey Oaty
Member
- Location
- Aberdeenshire
Who says they can easily afford it? Banks have to take into account that interest rates might rise substantially. You have to prove you can afford it.
Farms for sale
- Thread starter midlandslad
- Start date
- Location
- Bay of Plenty NZ
With the deeds held and a reasonable deposit paid very little risk. I still have a bank account in the UK which I use occasionally, it always amazes me how the UK sees itself as a leading financial country and yet the banking sector is cumbersome and archaic.
- Location
- Bay of Plenty NZ
Which is the reason you need some credit history.
- Location
- Bay of Plenty NZ
Depends on the banking system you are operating under, our local manager had a limit of $15m anything over that has to go higher up the food chain which can take a couple of days.
glasshouse
Member
- Location
- lothians
So you declare a big income them get pumped for tax
Before 07 you just declared your large income
And cracked on with a self cert
- Location
- Bay of Plenty NZ
If you are under declaring your income to the IRD you are evading tax, if you are over declaring to your lender you are committing fraud, both are wrong and I would say illegal.
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glasshouse
Member
- Location
- lothians
Nobody cared before 08
glasshouse
Member
- Location
- lothians
The biggest fraudsters are the lenders
kiwi pom
Member
- Location
- canterbury NZ
Yep work the books to show you made no profit to avoid tax then wonder why you can't get a mortgage.
Not so bad if you have a decent business and can put money away to increase your deposit but these people doing labour only at low rates, self employed aren't doing themselves any favours.
Donkey Oaty
Member
- Location
- Aberdeenshire
Which was often lies or fraud if you like. Self-cert was one of the causes of property price inflation which led to the 2007 crash as was Northern Rock lending 125% of valuation. As a humble mortgage broker, I could see it at the time. But the FSA as it was then turned a blind eye. Only interested in collecting fees. Now the same people work in the current regulator, the FCA.
glasshouse
Member
- Location
- lothians
And they are a joke
- Location
- Bay of Plenty NZ
I think you may find the IRD would have cared.
- Location
- Bay of Plenty NZ
If you are under declaring your income I have no sympathy if you cannot then get a mortgage based on the income you declare, you are a victim of your own dishonesty.
- Location
- Bay of Plenty NZ
Bank governor under fire for role in RBS scandal
Bank of England governor Andrew Bailey is accused of not disclosing a potential conflict of interest.
www.bbc.com
- Location
- 200 miles N,NW of New York
Paying tax is a good thing, because if your not paying tax, you're making f**k all,
Tax man takes 25% ish the dealer for new tackle takes 100 % of it, only buy what you need to run the business, not buy to save tax
- Location
- Lincolnshire
Only slightly. Our economy is built on one thing and that's above inflation house price rises. Anything that gets in the way of this is taboo. So while the regulators don't want to see overt cheating, they know confidence depends on continuous house price rises to fuel the consumer spending. There's nothing else underlying the economy. It really is a little like bitcoin. You simply reply on a rising value of something in "limited" supply that everyone wants.
glasshouse
Member
- Location
- lothians
You obviously are out of touch with the state of the uk
- Location
- Glen Clova, Angus, DD8 4RD
I'd suggest it is built on credit, not house price rises. They are just another symptom.
But the credit has to be underwritten by a tangible asset.......a house or other material asset.
Otherwise we end up in Wonga land.
- Location
- Glen Clova, Angus, DD8 4RD
Much of the spending driving the economy is unsecured loans and credit cards though.....But the credit has to be underwritten by a tangible asset.......a house or other material asset.
Otherwise we end up in Wonga land.
I was astonished to hear a few weeks ago that "food service delivery companies" (Just Eat, Deliveroo and Uber Eats) now turn over more money each year than UK agriculture having only appeared in the UK 10 years ago. They don't even do anything of real value, just save you having to exercise when picking up your overwhelmingly unhealthy take-out food!
The modern world truly IS mad.