To fake employment contract to borrow more mortgage

[Wouldyoudothis]

Name changed for this and know I will probably get flamed. Anyway, we have a mortgage, easily affordable, very small house. I've had twins so not going back to work anytime soon, especially as one is quite unwell still. My parents own a decent company. We are desperate to move to a bigger home but now on one salary can't get an increase, despite very easily being able to pay double what we pay now (more than enough for the increase we need). The lender has said I simply need an employment contract with a start date to be able to borrow the extra money. Aibu to be tempted to ask my parents to just write me a contract? Thanks!

We must have had 7 or 8 mortgages over the last 18 years (change product every couple of years), and my employment had always been checked out with my employer or P60, and we've never even borrowed that much.

Isn't this how the whole sub-prime mortgage financial crash stuff started?

As a mortgage broker

Don't do it

If you've already applied as a SAHM and now say you're getting a job they'll say ok what's happening with childcare? Etc etc. If they don't then its probably a lender who is willing to risk it! I doubt they mean "just get a contract" they mean get the contract to prove you have a job. Which you don't. Its fraud. Stop being douchey.

Bike

Yep, it is how the subprime mortgage crisis happened. People borrowing more than they could repay, but assuming that if they just got the money now, they'd "figure the rest out later".

I can't believe you are even considering this, and I can't believe a pp has agreed!

This is mortgage fraud, it is against the law. You will be found out and you could go to prison.
It is not your god given right to be given a mortgage for fucks sake.

It's fraud.

So you'd be risking a prison sentence in order to borrow more money.

I certainly wouldn't do it.

It's not fraud if you get the contract, go and work there for a month. And then leave.

We haven't applied for anything at all yet, just enquired to see if we could borrow more. Can I just ask what's the difference if I got my contract with start date and got mortgage and then decided not to take the job? Isn't it the same? Obviously as I can pay the mortgage. How would anyone prove its fraud when they have a legitimate company and it is simply a job contract (that's all I need, no payslips?) In reality I would never have the balls to do it but my rational mind says what's the harm.

Aibu to be tempted to ask my parents to just write me a contract? Thanks!
What happens if the mortgage company check your NI or tax contributions??

Are your parents going to amend all of the relevant company accounts so that if someone decides to investigate you, it will all appear legit??

There is so much more to this than just getting a fake employment contract.

Would your parents employ you? Even on an adhoc basis / consulting?

If you did this, it would make you flexible around the children yet allow you to earn enough to secure a bigger mortgage?

Dont think about whether you can afford it now but when the rates go up as go up they must.

So as well as committing fraud you want your parents too as well!

It's fraud. Don't do it.

Would it be possible to rent out your own home and move to a larger rental property yourself?

Don't. It's fraudulent.

I don't understand why you can't borrow the money on your partner's income. If you can demonstrate you can afford it, why not just try a few other lenders or use a broker?

Could you ask your parents to be guarantors?

Lauren that's still fraud. If you don't plan to continue with that employment, one of the eligibility questions will be are you expecting any deductions in your income.
And if you plan on going through a face to face appointment - are you prepared to sit there and lie through your teeth for 2-3 hours?
It's fucking stupid, and as well as putting yourself at risk you will also be putting your parents and the mortgage adviser at risk

Wow, you could go to prison?! Also, I can't say clearly enough we could easily make the payments, it's well within comfortable affordability. But as I said earlier, I would not have the balls to do it. Also, don't want to go to prison obviously....!!

It gets checked! Not worth the risk. If you lie.. no one will lend to you...ever..as you possibly get a criminal record for fraud! Could also effect employment. Is it worth the risk

Could your parents actually give you a job of some sort? Maybe just a few hours or something? I'm thinking like proof reading some paperwork that you could do with baby in arms or something... just a thought!

The difference is doing it with intent to defraud, rather than doing it with intent to start a job.
Don't risk it. It could backfire on you and your parents too. Any way they can help you out by gifting you a chunk for a bigger deposit? Or going back to the lender and talking to them to show affordability?

Too big a risk. I wouldn't do it.

They will ask for pay slips when it gets to the affordability checks.

BECAUSE YOU WILL BE LYING ON YOUR MORTGAGE APPLICATION IF YOU KNOW YOU DONT PLAN TO START THE JOB. Sorry to shout but you don't seem to get it.
It isn't a game it's a legal contract!

Don't do it. DH works in that field... you'd get done for mortgage fraud and never get another mortgage in your life.

Regardless of whether or not it's fraud it's really irresponsible to consider. Everyone feels they can afford mortgage payments now as rates are at an all time low. Your lender will assess your affordability based on 1 income and a stressed interest rate. So what if in ten years time the rates go up your not in work you lose your house. Whose to blame...you are not your lender as you lied and got a mortgage you potentially couldn't afford. It's really not worth it get a guarantor mortgage if your that confident with your parents as guarantors.