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Tax Clearance Cert

  • 10-10-2017 11:34am
    #1
    fitzgers
    Registered Users, Registered Users 2 Posts: 33 ✭


    Hi,

    Quick question, Is a Tax Clearance Cert for a self employee person looking for a mortgage a:

    * Legal Requirement

    OR

    * Just something the banks look for to asses your application?

    -Cheers!


Comments

  • #2
    TENHNY
    Registered Users, Registered Users 2 Posts: 91 ✭✭TENHNY


    Our Mortgage provide looked for it, not sure why as we are both paye employees


  • #3
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,548 ✭✭✭Claw Hammer


    fitzgers wrote: »
    Hi,

    Quick question, Is a Tax Clearance Cert for a self employee person looking for a mortgage a:

    * Legal Requirement

    OR

    * Just something the banks look for to asses your application?

    -Cheers!
    It is a quasi legal requirement. The bank is required under the guidelines to ensure you can pay your mortgage. Without being satisfied that your tax affairs are in order and up to date a lender can't be sure that you can pay your mortgage. A person might have a deposit only because they underpaid their taxes over a period. After drawdown a person hit with interest and penalties for under-payment of taxes may not have the income to pay the repayments.


  • #4
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    TENHNY wrote: »
    Our Mortgage provide looked for it, not sure why as we are both paye employees

    Because you may have financial dealings outside of your paye job.


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