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Old 01-07-2019
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Exclamation UK mortgage advice

So, I may be in a position to buy a house at the end of 2019 or 2020 and I wanted to know as per the AML, the estate agent has to verify where the funds have come from..etc.

I have 7 years of wage slips, but in the last 4 years i've been unemployed as I was made redundant. In those 4 years i've just been living off my savings and making the odd stealth sale here and there.

I am just wondering how the estate agents go about this.

I don't keep invoices on things I've sold, i've heard horror stories of the agents customers unable to verify deposits and they've been reported to the NCA.

Also horror stories of customers being forced to check 7 years of bank statements. This is going to be difficult for me as I've changed bank twice.

Has anyone experienced this and the process that they could shed more light on?
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Old 01-07-2019
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Default Re: UK mortgage advice

Sounds like you're buying a house outright as a cash buyer?

Without a job you won't be able to get a mortgage.

You will need to prove where the funds have come from. No way around it as far as I know. (I don't know too much admittedly)
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Old 01-07-2019
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Default Re: UK mortgage advice

It’s not the estate agent that you need to really worry about. They don’t have anything to do with mortgages they just show you the homes

No one would report you to the NCA though.

You should look at starting a limited company, employing yourself through it. Take the maximum you can as tax free allowence and then £20,000 or so per year on top of that as dividends (means you don’t have to pay NI that way)

Your going to struggle to get a mortgage without any employment history for the last few years though. Or are you buying for cash?
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Old 01-07-2019
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Default Re: UK mortgage advice

Wow. Even if you've got the cash in hand they want you to prove where it came from when you're buying a home in UK? No wonder all the Saudis come to USA to hide cash in "investment properties". No questions asked over here.

(Sorry I don't have more to contribute - thought the thread was an interesting topic)
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Old 01-07-2019
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Default Re: UK mortgage advice

Sorry, I should mention, I plan to place 20k as a deposit. And I do plan to work for 5 to 6 months prior to taking out a mortgage.
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Old 01-07-2019
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Default Re: UK mortgage advice

Quote:
Originally Posted by phaz0rz View Post
Wow. Even if you've got the cash in hand they want you to prove where it came from when you're buying a home in UK? No wonder all the Saudis come to USA to hide cash in "investment properties". No questions asked over here.

(Sorry I don't have more to contribute - thought the thread was an interesting topic)
The Saudis come here too, and the Russians. London is a safe haven for their dirty money. If you have enough money you can get away with anything. It's the little guy that suffers.
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Old 01-07-2019
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Default Re: UK mortgage advice

London during the summer is the hotspot for Saudi and UAE kids. They all come here and the streets are covered in super cars. With that comes a lot of property purchasing. So long as you have enough money they don’t care

@J4G3D - Your going to really want 2/3 years employment history

You maybe able to get away with 5/6 months but you would be very lucky.

I would recommend looking at part buy part rent in your position
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Old 01-07-2019
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Default Re: UK mortgage advice

Quote:
Originally Posted by J4G3D View Post
Sorry, I should mention, I plan to place 20k as a deposit. And I do plan to work for 5 to 6 months prior to taking out a mortgage.
Just a copy of you bank statement showing the 20k will do it then. When they ask where its from you just tell them your savings.
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Default Re: UK mortgage advice

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Originally Posted by just_smile View Post
Just a copy of you bank statement showing the 20k will do it then. When they ask where its from you just tell them your savings.
The thing is, the 20k was earned 7 years + ago. Reading up online, some people have been asked to provide bank statements for the last 6 months, they've submitted them and they've come back asking for 12 months..and so on until they requested 7 years of statements (or to show where the deposit came from).

I have a box full of wage slips totaling 100k. Would this be sufficient or would they still want a statement from 8 years ago to prove it?
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Old 01-07-2019
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Default Re: UK mortgage advice

You maybe best going to take to a bank mortgage advise or broker

It’s pretty common for them to want to see 4/5 years at least

If you don’t have any employment for the last 2/3 years though you really are going to struggle
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Default Re: UK mortgage advice

Quote:
Originally Posted by J4G3D View Post
The thing is, the 20k was earned 7 years + ago. Reading up online, some people have been asked to provide bank statements for the last 6 months, they've submitted them and they've come back asking for 12 months..and so on until they requested 7 years of statements (or to show where the deposit came from).

I have a box full of wage slips totaling 100k. Would this be sufficient or would they still want a statement from 8 years ago to prove it?
I think that depends on the soliciter.

You could always ask someone to 'gift' you the deposit. Then pay them back once all is done.

Your biggest issue will be getting the actual mortgage. As James says you need 1-2 years wage slips typically.
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Old 01-07-2019
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Default Re: UK mortgage advice

Quote:
Originally Posted by JamesNorth101 View Post
You maybe best going to take to a bank mortgage advise or broker

Itís pretty common for them to want to see 4/5 years at least

If you donít have any employment for the last 2/3 years though you really are going to struggle
According to here: https://www.moneysupermarket.com/mor.../top-ten-tips/

It says you should be in the same job for 3 to 6 months. Which is what I read everywhere giving advice online. Has things changed?

My last employment was for 7 years. So Its not as if I jump ship often. I was made redundant in that job and due to stress and issues I've not got another job since. Instead opted to live off my savings and try to make the odd quid or two on ebay..etc.
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Default Re: UK mortgage advice

That is why it’s best to go and talk to a mortgage advise or broker about it.

When they say 3 to 6 months that’s usually based on you having come straight from another job usually

A mortgage broker or advise will be able to give you much better information though
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Default Re: UK mortgage advice

Quote:
Originally Posted by JamesNorth101 View Post
That is why itís best to go and talk to a mortgage advise or broker about it.

When they say 3 to 6 months thatís usually based on you having come straight from another job usually

A mortgage broker or advise will be able to give you much better information though
Thanks, I guess I will do that nearer the time.

I have a CCJ coming off my credit file in July, so I will wait till my credit has improved once thats dropped off and then go to a mortgage adviser.

I understand whoever does give a mortgage wants to see 3 - 6 months of statements to make sure you've had a regular income and to see your outgoings..etc. But what about the deposit? if I was throwing in 20k deposit, they'll want to see where its come from. What if some deposits throw a red flag? like, for example, i've always had cash laying around, once I bought a car with that cash for 4.5k and sold it on for 5k, the 5k was a bank transfer into my bank. How does one go about proving all this?

Then theres the stealth income from paypal.. What if that gives a red flag.

I like to plan ahead to make sure im ok. Mortgage adviser is good advice though, I will definitely go down that route nearer the time.
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Default Re: UK mortgage advice

You should have proof of the car sale, so that one should be pretty easy to prove

So long as they can see the funds slowly building up then they dont need that much proof. 20k is a relatively small amount in the grand scheme of things.

Best thing you can do though is go and talk to a adviser before hand, they can then give you goals that you can aim towards.
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Default Re: UK mortgage advice

Quote:
Originally Posted by JamesNorth101 View Post
You should have proof of the car sale, so that one should be pretty easy to prove

So long as they can see the funds slowly building up then they dont need that much proof. 20k is a relatively small amount in the grand scheme of things.

Best thing you can do though is go and talk to a adviser before hand, they can then give you goals that you can aim towards.
No proof, I keep nothing like that. Thats the thing I worry about.

The 5k cash I had never went through a bank..etc. Its cash built up over time that I kept at home.
Then used it on a car, then sold the car and receive a bank transfer...

I think a big fat red flag there :(
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Default Re: UK mortgage advice

Go and talk to a mortgage adviser about it....

If its from the sale of a car then really that is fine. It would be better if you have proof though, hopefully you at least have the reg number still

But talking to a mortgage adviser is by far your best next move.
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Default Re: UK mortgage advice

Quote:
Originally Posted by just_smile View Post
The Saudis come here too, and the Russians. London is a safe haven for their dirty money. If you have enough money you can get away with anything. It's the little guy that suffers.
the little and bigger domestic guy is always asked for money laundering proof.
the foreigners if bigger guys (if they have dirty money) have special brokers or do it via family. that filter it so it looks legit eg. via a company. Plus when it is from abroad it is a lot harder to check up on.
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Old 01-15-2019
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Default Re: UK mortgage advice

this is interesting topic for me
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Old 01-15-2019
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Default Re: UK mortgage advice

Just to add...

You'll need to speak to a broker. They will guide you through things and tell you straight up what your odds are of getting a mortgage, and if not, what you should do in the interim.

£20k is insignificant. I doubt they'll ask anything about that.

As for statements, this is just to show proof of income / salaries over the course of the last few months, just to make sure it adds up with your declared salary.

That is because the mortgage you'll be offered will be around 4x your salary. If its £25k for example, the max. mortgage you can expect is £100k from a bank.

Then you'll have your £20k deposit. Which means the value of the home you're purchasing can be a maximum of £120k (given your salary is £25k/yr).

Of course you wont get a decent home for £120k, that's just an example, so you get the gist.

That's the simple stuff. Buying a home is very simple and straightforward when things add up.

In your case, and the broker will reiterate this, your lack of employment will immediately kill all hopes of getting a mortgage.

You need to show them you're employed (be it working for someone else, or you running your own company).

I think you're a long way away from getting a home. But its good you've started to get things into place now.
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Default Re: UK mortgage advice

Plus as has been mentioned a few times, NO mortgage company will give you a job when you can't show a P60 showing some earnings for the previous tax year. You can't just get a job 3 months before.

Best option go self employed legit, sell some more stealth stuff, make 25k year profit you'll pay 4k max in tax 1.5ni (or has been said go limited and pay dividents to avoid ni) you'll need 2 years SA302 to get a mortgage
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  #22  
Old 01-16-2019
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Default Re: UK mortgage advice

Yes, that's another thing. If you go the self employed route now, you need to have been self employed for at least 2 years to get a mortgage. Some companies accept 1 year, but very few, and with very stringent requirements.

If you go the employed route, you may not make as much as you could being self employed, so that would restrain how much mortgage you'll get. But, you'll get the mortgage with less of a fuss, and about last 3 months worth of payslips (contingent upon you having worked a while).

Last edited by Play; 01-16-2019 at 01:10 AM.
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