5 Essential Tips For Securing a Mortgage

Getting a mortgage need not be a painful endeavour. While the idea of saving in earnest can be something of a burden, there are some failsafe tips that you can use. For many, the thought of homeownership seems like an unaffordable and unobtainable dream. But, it doesn’t need to be that way. In fact, you can be on the route to owning your own property by using these five essential tips.

  1.    Check Your Credit Rating

Your credit rating could be the thing that is holding you back. You need to make sure that you have a clean bill of financial health before you choose to go for a mortgage. With a vast array of online tools to help you, you can check what your credit score is before going to the bank. This is important. You need to make sure that you have an excellent credit score. If your score is less than anticipated, now is the time to start making positive and proactive steps into fixing it. The simplest way to do this is to make sure that you are paying your bills on time.

  1.    Look into Government Schemes

Government Help to buy plans is ensuring that everyone can get on the property ladder. With only a 5% deposit required for many of these mortgages, a 5 bedroom 3 bath home in Rickmansworth doesn’t have to be a dream. It can be a reality. Government schemes are in place to help those on low incomes get on the first rung of the property ladder. Speak to your mortgage advisor to see what can be done for you. Alternatively, look at the Gov.uk site for more information.

  1.    Have a Budget in Mind

Budgeting when you are looking into securing a mortgage may seem like an oxymoron. But, if you are keen on buying property make sure that you have a budget in mind. Aiming for the lower end of the market will ensure that you have ‘play money’ at the end of the month. You don’t want all of your spare cash tied up in property. Make sure that you factor in living expenses and stick to your budget.

  1.    Be Flexible When it Comes to Location

While you may dream of living in central London, where all the hip and happening people are, this is going to cost you a fortune. By being flexible on location, you can grab a fantastic property at an exceptional price. What is more, you are more likely to secure a mortgage on a property that is cheaper. You don’t have to go to the other end of the country to find a great deal. Even the neighbouring postcode to your preferred location could save you a small fortune in the long term.

  1.    Independent Mortgage Advice

Many people seek the advice of banks. But, there is no substitute for independent mortgage advice. By doing this, you will not be tied to one provider. What is more, independent mortgage advisors don’t have vested interests in your cash. Explore all avenues for a brilliant deal on your mortgage.

Evading Tax Can Only Result In Facing Penalties

Many of us don’t know much about tax evasion, yet knowingly or unknowingly we evade tax and then end up paying a big price later. Tax evasion is avoiding paying your taxes and then failing to report it, the most common one being the failing to report the financial gain. The government authority imposes strict and heavy penalties for evasion.

What is tax evasion?

Tax evasion is totally different from minimizing tax, which is the process of using legal strategies to reduce tax due. There are several deductions that you can use to scale back your liabilities, if you have got medical expenses or if you are thinking to pay for your retirement plans. Taking advantage of them and keeping your bill to a minimum is legal. However, once corporations, people, or the other legal entities avoid their tax, that’s evasion and therefore the penalties are severe with jail terms and hefty fines.

The Internal Revenue Service (IRS)

The IRS defines the regulation of taxes. It prosecutes anyone or any entity that avoids payment of taxes due, and might assess penalties on them. The IRS has many special agents that are trained to collect the knowledge needed to observe evasion. They need access to tax returns and the ability to issue summons for access to additional financial data. They have therefore the right to seize financial asset including money if they find anything illegal.

Don’t be in the dark

The IRS audits some taxpayers indiscriminately every year, however most audits are results of uncommon activity. If someone claims plenty of deductions in proportion to their financial gain, or if someone with plenty of assets declares a little financial gain, the process of audit follows. If it’s established that taxes are knowingly evaded, the IRS will levy tax liens, freeze any money in the guilty person’s accounts, seize assets. Every property owned by the guilty payer will be confiscated and sold-out at auction if nothing is formed to repay the liability.

Everyone that’s involved in an evasion of liabilities are examined and detected by the IRS. You can go for professional help if you don’t understand anything but don’t avoid your tax dues. You must know that you can be charged with serous crimes in matter of your taxes.

There are three types of most serious charges:

  • Tax evasion: This is indeed a law-breaking crime and a conviction can carry a jail sentence with hefty fines.
  • Filing a false return: If the payer files a return, it is often a law-breaking situation and might end in a jail sentence of up to a few years with fine amounts to pay.
  • Failing to file a tax return: This is often an infringement and might end in most likely a jail sentence of one year with fines for every year that no tax return was filed.

Many individual taxpayers place their confidence in accountants and business managers to handle their monetary affairs and don’t bother about the standing of their finances. However, the individual payer is liable for the knowledge provided to the IRS. Do yourself a favor and examine your tax returns and don’t leave it to others.