WHAT DO YOU MEAN YOU CANT PAY YOUR MORGAGE ,BECAUSE FRANK LAMPARD MISSED 4 PENALTYS IN ONE GAME,YOU SAID WHEN YOU CAME IN MY OFFICE YOU ALLWAYS WON

Do wah , i don't think the house itself will lose on the 2.30 at Kempton ,even if the gambler does [;)]

THE LADS EVEN SAID ON HERE SANTENDER WOULDNT LEND HIM IT,EVEN IF HE PUT DOWN 90 % DEPOSIT,

Overkill Do wah ?
I take it you've not had much luck with your bank manager.
Sorry to hear that.
Banks have also lost millions to people who have done it all on bad investments in commodity and share markets.
So what.
Ther's no hard and fast rule.
Certain professions require a higher level of proof to convince the banks to lend money to you, and/or for them to ask for higher than normal levels of collateral.
A " good " mortgage broker should be able to navigate all this for you.

Do wa diddy, are you suggesting heynoodles should take his 'gambling problem' related to getting a mortgage to gamblers anonymous? I think he would get some strange looks

Seriously though, if you get anywhere with this, please post, as I would also be interested.

The real solution would be for Betfair to provide an offset mortgage based on your balance, perhaps through a third party.

The Investor
And if your balance fluctuaates like a yo yo ? And worse if it disappears completely ?
Do you suggest they ring fence it in some form or manner ?
Don't think it's really a practical solution do you ?

I do think it's practical FAFH (though perhaps not realistic).

There's no ring fencing required. It would work just like an ordinary offset mortgage.

If you have £100k in your bank account you pay interest on your mortgage less £100k. If tomorrow you withdraw £90k, you pay interest on your mortgage less £10k.

If you have £100k in your betfair account you pay interest on your mortgage less £100k. If tomorrow you withdraw or lose £90k, you pay interest on your mortgage less £10k.

The idea is not necessarily that your betting profit pays your mortgage, more that your betfair balance offsets it. No difference with a bank account, which can alse fluctuate (mine does) [;)]

As long as the balance is not seen in any form or manner as providing back up security ( ie initial deposit) for the mtge. in the first place.

P S I GOT THOUSANDS AND THOUSANDS OFF BANKS ,BECAUSE OF MY PROFITS FROM MY WORK ,NOT MY HOBBIES GAMBLING AND DRINKING AND SLEEPING

Appreciate that Do wah.

THE ONLY REASON I KNOW EVERYTHING ,IS THAT IVE DONE EVERYTHING WRONG IN MY LIFE AND I KNOW YOU JUST DO THE OPPOSITE

Styles  you are right bankers  need to know what you do for a living.
never but never   say your a gambler . Tell em you have a proper job you sweep up in a brothel .

Prices going down anyway. Rent (interest should cover half of the rent for a £200k property if you shop around) until you have the full balance. The main danger of that strategy is if wages start soaring or credit eases rapidly and house prices increase significantly as a result but both seem unlikely.

My prediction: Food prices will (continue to) rise in relation to house prices over the next decade.

A £1m+ Central London property yields around 3% on average when rented out. You can expect to rent a £1.5M flat for £1k a week.

It seems to me one of three things is going on:
1) People are willing to pay whatever they can afford to purchase a home, so prices can rise above 'rational' levels.

2) People are investing primarily for capital gains (greater fool theory) rather than income, or alternatively they bought a property some time ago that has already yielded a phenomenal return, and are unwilling to cash in now.

3) Expensive homes in extremely popular areas take on the characteristics of a status symbol more than a home, meaning the sky is the limit for prices, in the same way that someone might be willing to pay £1,000 for a pair of designer jeans, made from materials costing a tenner (in the case or works of art this is even more extreme).

I got a self cert when they were available with Betfair as my sole income.

Since then, even my own bank who sees me pay in a nice juicy amount each month from my Betfair Account for the past 7+ years will not lend me anything.

Jimmy
Don't spend all you earn please.
Invest just a little perhaps ?

Or even today on your way to the bank to sign the mortgage papers ?

Yes, balance is key. Invest for the future, and also enjoy some of the fruits of your labour. A key principle of getting wealthy is to save/invest at least 10% of your income, no matter what you earn. In my own case, I am currently reinvesting 75% of what I earn, as I aim to be wealthy long before I'm of retirement age!


jimmy69
Why would you want a mortgage if you are bringing in a nice juicy amount each month?

One reason is that property can have an extremely low yield (especially if you do not use gearing). I gave the example on another thread that you can rent a £1.5M apartment in central london for £50k per year.

If you have millions sitting in a savings account, it could make sense to buy property outright, but there are probably better places to put your money.

An idea I've been toying with is to invest in property with a high level of gearing (when this becomes possible again), using cash equivalents as a safety net in case of double digit interest rates or other problems.

What is the British obsession with buying houses?

By the way, my example above was why you wouldn't want a mortgage (or buy a property outright for that matter)

heynoodles, if you think your winnings are due to luck, cash in while you're up. I'm pretty sure almost everyone that has won a significant amount on here will believe it is due to skill though (even more so if they are in the 'ultra consistent winners' PC bracket). That's just human nature.