Redundancy, mortgages anmd pro trading

I'd be amazed if any "full-time traders" could get a mortgage.

It's perfectly possible to have 6 months of profit then a stinker.
Reckon a bank would laugh someone trying that out of the shop.

Just rent a house and if you think pensions will be there when you're of pensionable age, pay voluntary NI payments.

Don't even consider getting a mortgage, it's hard enough getting a bank account.

because i have 2 accounts. on my other account, which ive had for many years, ive placed bets for friends and so my p and l is not a fair reflection of how much IVE won and lost and i also never kept records. On this account, at the end of every month i print a p and l to record how ive done and i dont use this account to place bets for mates or silly little bets on the horses.

I think the general concensus is that full time trading is a pipe dream. Maybe i should forget about it, look for another suitable job and just make some small money on here as extra.

ha ha, go on tony, i'm waiting......!

Register as self employed and pay class 2 NIC's at £31.20 per quarter rather than £156 quarter for voluntary contributions. Anyone can register self employed.

because i have 2 accounts. on my other account, which ive had for many years, ive placed bets for friends and so my p and l is not a fair reflection of how much IVE won and lost and i also never kept records.

GAZZA....If you closed a losing Betfair account and yet are thinking of going professional you must be MAD.....

If you reckon you have now found the winning formula well don't forget to add into your new account a space for PREMIUN CHARGES as based on your last 4 months you could soon end up with a bill of £2k in premiun charges for those wins based on just those figures alone.

If I was you I would suggest you see can you get that old account open again. As it at least could postpone the Premiun Charges hitting you for a bit longer.

Good Luck with your decision anyway and yeah I agree with the above no bank would give you a mortrage with a job as a Sports Trader or whatever title you want to now call yourself.......Cheers

forget saving dep for house if yer good get yer money on here/use with bookies will work far harder fer yee than bricks n mortar

Hi TREVH, Yeah but if he says he's a trader rather than a punter, he's going to find it hard to make that 20% up in commission that Betfair demands he pay every week. ;(

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I would say Trading and punting in the sports markets comes across as particularly hard hit when it comes to falling into the premiun charges pit.

As you don't always have to be a genius to end up on a winner in say a Tennis, or Snooker Match after all the winner can only be player A or player B.

So it can be easy to end up on a winning run even if it can be followed by a equally long losing run. But unfortunely they might not hit in the same week.....Cheers

Thread is continually posted in one form or another.

Very few if any self cert mortgages available any more since 08-09. I asked a dozen brokers, was offering a 50% deposit with a decent credit record and was turned down in principle from the one lender that would even bother to look at me, at 2.5% of the whole loan as an up front fee, and 2 years fixed at 6.24 then onto their standard variable.

That was last summer, and frankly, I was pleased to be turned down!

what Lori says above is close to the truth, and sadly what the Investor posts is spot on. The housing benefit situation is IMO the most flawed, and although the thought of the return of the tories sickens me to my stomach, at least their family values policy might supposedly do something about the creaking, outdated and intrinsically flawed welfare state. Or maybe thats me being naive.

Your figures IMO would need serious improvement if you were going to consider this as your only form of income. I consider a "gamblers premium" absolutely necessary, i.e. earning at least 2x as much as you could earn in a "legitimate" job, to compensate you for the risks you are taking, and the fact that as the months and then years go on, you become less and less attractive to potential employers, and face a strong possibility that at some point, rather than a standard career path where you continue to earn more and more each year until retirement, your income might take a sudden and unexpected 25, 50, 75%+ pay cut if one of your major edges/avenues becomes closed.

The words professional gambler and the thought of claiming benefits to subsidise yourself means that you are using the words professional gambler incorrectly. IMO.

Investor.

Agreed there are other benefits esp if one is disabled etc ,but i guess i was assuming a person had a mortgage in place and was fit and able ,in which case they would get no help. :)

Council tax is a funny one , i was at one point even thinking of applying for some kind of rebate myself ,but then decided there were one too many Qs ,and besides my CT is less than 1,500 per annum ...so like a mug i continue to pay the full wack .

because i have 2 accounts. on my other account, which ive had for many years, ive placed bets for friends and so my p and l is not a fair reflection of how much IVE won and lost and i also never kept records.

You are creating potential tax complications by doing this.

That's right. You can make money gambling, it doesn't count as earned income in the UK, so doesn't affect benefits.

However I think there is a limit to the amount of savings you can have, which is quite low (something like £10k I think).

So hypothetically, someone earning £2k a month from Betfair, using a £8k bank and spending the £2k each month would be entitled to benefits if they were also looking for work.

RacingCert 28 Apr 17:46
I'd be amazed if any "full-time traders" could get a mortgage.
It's perfectly possible to have 6 months of profit then a stinker.
Reckon a bank would laugh someone trying that out of the shop.

I was surprised when i asked barclays for a mortgage last year and got accepted, despite me telling the mortgage broker that i was a pro gambler.

your figures are promising for someone who is starting off. imo you should keep it going and wait another 5-6months. then when you have a full years figures infront of you - you will know weather or not you can do it full time. The thing is i wouldnt advise getting a mortgage if you are just starting off on the venture of going pro - as there would be so much pressure on your trading if you had these big bills every month to pay. So as i said i would give it more time before jumping straight in at the deep end.

RacingCert 28 Apr 16:46
I'd be amazed if any "full-time traders" could get a mortgage.

It's perfectly possible to have 6 months of profit then a stinker.
Reckon a bank would laugh someone trying that out of the shop.



mmm .... i remember a thread in the past, some users (seriusely pro, not that 3 months newbie) with a trustable yearly p&l were able to get some loans/morgtages ....

Not sure if the people talking about the mortgages on here are talking from pre-banking crisis experience, or whether the situation has improved markedly since last summer.

I'd be surprised if any mortgage broker would stake much on you getting a self-cert (effectively) with a 25% deposit. I could be wrong - but I went ahead with a 50% deposit offered, 7 profitable years behind me, and got mostly laughed at. The majority of brokers wouldn't even consider it, and I approached almost a dozen, some highly recommended in their area.

Or perhaps since the recovery self-cert has loosened up again. But I never had any problems in the past, just 2009. 2 previous mortgages had been penalty kicks and easy fees for the broker.

Good luck in your job. Keep playing the footie markets in your spare time. Can be a great way to make some extra cash.