Convoluted tax planning hits mortgage applications
Many wealthy homeowners using complex tax avoidance planning methods are finding it difficult to secure mortgages. This is often because they can't prove their income to the mortgage lender.
The use of aggressive tax planning has hit the headlines over the last year and despite not being illegal in many cases, banks feel they push the boundaries between tax avoidance and tax evasion.
Many high street mortgage lenders will not offer mortgages to borrowers if they have an unusual tax situation and lots of the private banks require assets to be transferred as part of the deal.
Trinity Financial has access to a high street lender willing to accept applications from more high-net worth borrowers with interesting tax situations. This lender will expect to meet clients before they lend and they will also look at applicant's bank statements.
If you have a complex tax situation and would like help to secure a mortgage, call us on 020 7016 0790.
September 01, 2013
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