Thursday, Jul 24, 2008
Make them pay ALL the unpaid income tax
BBC website: Are mortgages as safe as houses
The article suggests that people being given fraudulent mortagages are "vunerable" and victims.
In my opinion the real victim is Honest Joe who having got a well paid job is Priced Out or Gazumped
by these criminals.
For a long time I have suggested that all salary declarations on mortgage applications should be cross checked
by the Inland Revenue to ensure that the correct amount of income tax has been paid.
Posted by ten years to get my money back @ 08:44 AM (266 views) Add Comment
3 Comments
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1. jonb said...
I've seen cases where the Inland Revenue have started a tax investigation and asked why they weren't getting the tax on income declared on a mortgage application, so it does happen. The bank doesn't get to hear about it though.
2. brian t said...
For some reason, it would never occur to me to treat estimates of overtime pay as guaranteed income. Isn't overtime supposed to be an exceptional situation, not "normality"? Would you really want to work overtime every week for 25 or 30 years? Oh wait, I forgot... no-one actually expects to stay in one house, with one mortgage, for the full term: after a few years you sell up, climb the property ladder, and take out a new mortgage.
3. jack c said...
@ ten years to get my money back - agree with your comments and indeed I have gone on record several times on this site to state that the only income that should be used in mortgage applications is that agreed with HMRC - liar loans and other forms of mortgage fraud have significantly overinflated the prices in the UK residential housing market.