General Betting
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Any advice please?
First time buyer as well making it worse.
Spoke to a broker who helped someone else on here get one (so he understood Betfair), but he wasnt a first time buyer and was actually buying a second property (ie keeping the first one). The broker said it "would be very tricky" and hasnt got back to me.
Tried my bank, Santander, but they wont give a mortgage to someone with "no taxable income" under any circumstances even if I had 90% deposit.
Was looking at properties around 150-250k mark with deposit of roughly 100k.
Thanks in advance for any helpful replies.
First time buyer as well making it worse.
Spoke to a broker who helped someone else on here get one (so he understood Betfair), but he wasnt a first time buyer and was actually buying a second property (ie keeping the first one). The broker said it "would be very tricky" and hasnt got back to me.
Tried my bank, Santander, but they wont give a mortgage to someone with "no taxable income" under any circumstances even if I had 90% deposit.
Was looking at properties around 150-250k mark with deposit of roughly 100k.
Thanks in advance for any helpful replies.
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Try financials noodles but i think, as you've been told, you'll find it very difficult these days
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Thx buzzer will do.
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You're not a professional gambler until you've earned at least 500K.
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I can't imagine you'll have a problem with such a large deposit %age.
I bought a property a few years ago, with BF as my only income (c. 25% deposit on a £450k property). I paid an accountant to go through 2 years of Betfair accounts, and this was sufficient. Of course, the mortgage market is much tougher nowadays, but you have a larger deposit. |
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Noodles have you tried the buy to let Route
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Im pretty clueless, sevey tbh. Is that where you "pretend" someone will be renting it from you?!
Im renting myself at the moment but the landlady is selling up - so its been thrown on me a bit as I didnt really intend buying anywhere yet. The fact the broker who understood the whole Betfair thing wasnt interested has shocked me a bit. One option I do have is my parents putting their name down for a bit of it? |
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Hello heynoodles. I don't know if being a first-time buyer makes any kind of difference, as far as I am aware the banks/building societies will only offer a mortgage deal if you are able to show them that you are able to pay back the loan. Nowadays in this environment they are probably even stricter than they were before. If you have no taxable income, i.e. not employed or self-employed how are you going to meet your mortgage requirements? This is what the bank's underwriters will say anyway, afterall gambling is just a past-time and you can't rely on the income. Even self-employed people have to prove their income going back somewhere like 2 years before banks or building societies will accept them for mortgages.
Your best options that i can think of at the moment are 1) see if the banks/building societies will let you use someone else to act as some kind of guarantor, or have that person take out the mortgage on your behalf (if you have someone who will do that for you). 2) Work out how big a salary you need to get the mortgage you require, get a job with that salary, apply for mortgage when eligible, get mortgage then quit. nb. It is possible that as you have such a large deposit some places may not require to see any further evidence of your income and make a decision based on the information you complete on your application form. There may well be other options like getting some other kind of loan, but that's the best i can do for now. Good luck whatever you choose to do. |
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Thanks, UA. The 'first time buyer' aspect seemed a big reason the first broker wasnt interested.
Even though my friend who got a mortgage already had a property he didnt have to use that as collateral - just the fact he had one helped his cause. |
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90 % DEPOSIT !
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Slightly off-topic but if you inherit a house which you then own 50% of with your brother and a relative continues to live there, are you still considered a first-time buyer?
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* that should read own 50% of the house with the brother owning the other 50%.
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The 90% deposit remark was somewhat shortsighted given, it's possible, you could be buying a £250k property that is in fact worth £280k
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Buy to let is an option then live in it yourself(slightly dodgy)my broker could probably sort you out but you must have an impeccable credit record
maximum of 65% LTV and the term is no more than 15 years. |
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Can you get buy to let if not already a house owner?
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Buy less of a house and pay all cash.
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Whats the differance buy to let or the other way the payments must be met 100k deposit the lender has 100 large of your money for starters its not dodgy if the payments are met every month good/luck Noodles
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FAFH - that's exactly what i was thinking
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"less of a house paying cash" in this circumstance would be a 100K property, which in many parts of the country is a non-starter.
I think there's something to be said for having a secondary, taxable income if you trade on here. unless you're making sh!tloads of course, in which case why bother. |
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heynoodles, the banks wont touch you with a barge pole .. heres zip advice if and i mean if your that good treble your stake each bet .. a year from now you wont need banks .. you may even be leading them money .
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You wont get much in London for less than 150k I wouldnt have thought. Rang another mortgage company who sounded positive if I can produce 3 years of BF records ... but so far he hasnt rung me back lol.
zipper, I play in running and have a comfort zone of how much im happy to be risking. Imo, if I upped stakes things might go pearshaped. Thanks for all the advice from everyone. |
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WOULD ANY ONE IN THEIR RIGHT MIND LEND MONEY TO A GAMBLER,
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YOU CANT GET A FIVER BACK OFF ONE THAT YOU LENT IT TO IN THE PUB,NEVER MIND A FEW THOUSAND BACK
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imagine if this thread had been on the football forum.
"lump it all on citeh at 1.37 - thank me later" "dump girlfriend for one with higher provable income. job done" "REPORTED" etc |
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Heynoodles, use a mortgage broker, and get one of your friends/family who run their own business or are self employed to write a letter saying they employ you on a self assesment basis with a basic salary of 30k plus around 8k in bonuses, it works.
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Do Wah Diddy , have any of those gamblers in the pubs shown you their p&l for the last 2 years ?
Mind you ,even i wouldnt lend a gambler a fiver myself |
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IF I WAS A BANK MANAGER AND SOMEONE WALKED IN MY OFFICE AND SAID IM A GAMBLER AND WOULD LIKE A MORGAGE TO BUY A HOUSE I WOULD SAY F OFF YOU LUNATICK
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AND IF I DIDNT SAY IT,I WOULD THINK IT ,AS I WAS SHOWING YOU THE WAY TO THE DOOR
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THEY WILL SHOW YOU ANYTHING AND SWEAR ON THE BIBLE ,AND PROMISE YOU THE WORLD ,FOR THE MONEY FOR A PINT OR BET
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IF YOUR A GYPSY WORKING ON A TRAVERLING WALTZER RIDE ,ON A FAIR,AND BEEN SACKED FROM YOUR LAST TEN JOBS AND JUST COME OUT OF PRISON ,YOUVE MORE CHANCE OF GETTING A MORGAGE THAN TELLING THEM YOUR A GAMBLER
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zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz z z z z z
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YES ZEALOT YOU MIGHT AS WELL GO TO SLEEP ,AND DREAM OF GETTING A MORGAGE BEING A GAMBLER,
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I FEEL NORMAL ,WHEN IM ON THREADS LIKE THIS ASKING BANKS FOR MONEY ,TELLING THEM YOU WANT TO BUY A HOUSE WITH YOUR GAMBLING INCOME
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YOUR MONEY IS SAFE IN OUR BANK ,WE HAVE PROFESSIONAL GAMBLERS INVESTING YOUR ASSETS .AT KEMPTON PARK AND SOUTHWELL
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NO I WOULDNT ASK MY BANK MANAGER ,HES ALLWAYS IN THE BOOKIES HE NEEDS ALL THE MONEY HE CAN GET
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dey do dough do wah diddy don't dey dough.
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VIVA LA PRESIDENT ,AND VIVA LA SPANIA
AND VIVA THE PEOPLE WHO THINK THE BANKS WILL GIVE THEM MORGAGES WITH THEIR GAMBLING INCOME |
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WHAT DO YOU MEAN YOU CANT PAY YOUR MORGAGE THIS MONTH,BECAUSE THEIRS FROST ON THE TRACK AND THERES NO HORSE RACEING
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WHAT DO YOU MEAN YOU CANT PAY YOUR MORGAGE BECAUSE ANDY MURRAY RETIRED HURT IN THE THIRD SET
IM NOT INTERESTED HE WAS LEADING 2 SETS TO NIL AND 5-0 IN THE LAST SET |
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A gambler prepared to put a 100k down on a 250k house ,where's the risk please ?
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