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tryin to buy a house but slightly screwed

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  • 10-03-2009 1:07am
    #1
    sandyj
    Closed Accounts Posts: 3 ✭


    hey all just wondered if anyone had any bright ideas to help me out..i earn more then enough to technically get a mortgage but the thing is i work for myself and get paid in cash. As i dont have any pay slips or record of income im finding it difficult to actually be recognised as a person at my bank or any bank for that matter...if anyone out there has any good advice or is in the same situation let me know id really appreciate it. ta:confused:


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    #2
    Victor
    Registered Users Posts: 78,428 ✭✭✭✭Victor


    Do you produce accounts at the end of the year for the Revenue?

    Lodge your cash on a consistant basis - show them you have a track record.

    Show that you are saving money.


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    #3
    Welease
    Registered Users Posts: 3,834 ✭✭✭Welease


    I would assume you have a record of income by your accounts and the tax you have been paying :)


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    #4
    foggy_lad
    Closed Accounts Posts: 20,373 ✭✭✭✭foggy_lad


    really they are looking for evidence that you will be able to make repayments on a regular basis so would need evidence of your income either monthly or even yearly


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    #5
    sandyj
    Closed Accounts Posts: 3 ✭sandyj


    see thats the thing the only evidence of income i have is money i lodge into my ac myself..my bank wont take the fact that i have savings and the ability to make repayments into consideration. oh and i dont pay tax im a childminder so i can earn up to a certain amount tax free the rest is a right off. thanks for suggestions and thoughts though.


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    #6
    foggy_lad
    Closed Accounts Posts: 20,373 ✭✭✭✭foggy_lad


    well because you do not have proper accounts your income is not verifiable and banks would not even consider you:(


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    #7
    Welease
    Registered Users Posts: 3,834 ✭✭✭Welease


    sandyj wrote: »
    see thats the thing the only evidence of income i have is money i lodge into my ac myself..my bank wont take the fact that i have savings and the ability to make repayments into consideration. oh and i dont pay tax im a childminder so i can earn up to a certain amount tax free the rest is a right off. thanks for suggestions and thoughts though.

    Not trying to pry into your private accounts but (and I am not an Irish tax expert), isn't the tax free band earnings up to about 4-5K.. it's 20% after that.. So if you are tax free and don't have account, then they will assume you don't earn enough to pay a mortgage (as in your income is 4K or so per year)?


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    #8
    Victor
    Registered Users Posts: 78,428 ✭✭✭✭Victor


    Welease wrote: »
    Not trying to pry into your private accounts but (and I am not an Irish tax expert), isn't the tax free band earnings up to about 4-5K.. it's 20% after that.. So if you are tax free and don't have account, then they will assume you don't earn enough to pay a mortgage (as in your income is 4K or so per year)?
    Most people pay little or no tax up to about €15,000

    There is a special exemption for childminder inding up to 3 children in their own homes, but I doubt its enough to buy a house. :confused:


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    #9
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    sandyj wrote: »
    oh and i dont pay tax im a childminder so i can earn up to a certain amount tax free the rest is a right off. thanks for suggestions and thoughts though.

    Why is the rest a 'write off'? Are you not declaring your earnings to the Revenue?

    If you earn that little I can't imagine how you could get a mortgage to buy anything in Ireland?


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    #10
    tomred1
    Registered Users Posts: 657 ✭✭✭tomred1


    Is that you Denis?


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