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AIBU?

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To fake employment contract to borrow more mortgage

108 replies

Wouldyoudothis · 26/07/2017 20:51

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!

OP posts:
scaryclown · 27/07/2017 19:03

Yes.
Try getting a high valuation on your existing house, and maximise borrowing to increase deposit. Director loan by your parents to be repaid by the company if company is cash rich to also increase deposit. Borrow less therefore and get a bigger house. Look at trust ownership of house too and rent from the trust. Not sure if children can be beneficiaries if resident.

QuiteLikely5 · 27/07/2017 19:05

The real issue would come when you tried to re mortgage. you would likely have to commit the fraud again

BritInUS1 · 27/07/2017 19:05

Don't do it, it's fraud x

DontTouchTheMoustache · 27/07/2017 19:11

If you are desperate for more space would you be able to rent your house out and take up a larger rented house in the short term until you go back to work?

JustHappy3 · 27/07/2017 22:07

Completely off topic - but by 9 months into new motherhood i absolutely was sick to death of my house cos i was in it all the time. Have seen others go through similar cabin fever period. Not sure how old your two are (and i hope the poorly one recovers soon) but seeing as you are stuck just wanted to say it might not seem AS small and cramped as it feels right now.
DH on 55k - we've just got a mortgage for £255k but repayment levels seemed to be more like £12-1400. We've gone (after a lot of careful thought with our financial advisor and mortgage broker) for interest only for next 5 years. But that doesn't help you borrow more, sorry, so not much use.

ImNotWhoYouThinkIAmOhNo · 27/07/2017 23:00

One other option could be to extend the duration of the mortgage term, ie pay a slightly smaller amount per month, but for more months. Once your income increases you can overpay what you can afford and pay it down faster. An honest broker will help you find a suitable product.

gingergenius · 27/07/2017 23:07

Hmm really????

venusinscorpio · 27/07/2017 23:15

Be careful. My dad almost went to prison for this.

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