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General Betting
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These 62 comments are related to the topic:
NI situation for Full-timers?
NI situation for Full-timers?
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Replies: 62
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Let's be realistic. You've found a part of the system that you are able to exploit and you are. That's fair enough, good on you, but are you looking for income from your translatory skills. I thought you were putting that on hold whilst you make money from betting.
You actually said "it's the job which I'd have to attempt to resume." How can you resume it if you are already doing it. Sure you can say you are a self employed translator but you're not really. |
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FFS.
There's a betting shop in town where I've made a point of being polite and friendly and fairly chatty with the staff. As a result, I have no problem getting £100 EW on a 20/1 shot, which is unthinkable elsewhere. A couple of weeks ago I was involved in a minor road accident, and one of the staff asked whether I'd had to miss work because of it. Which do you think would have been the most sensible reply? 1) I do a bit of translating for a living and, being self-employed, don't get a chance to take time off for a bang on the head unfortunately. Thanks for asking, though; or 2)I'm a full-time professional punter, to whom work is an alien concept thanks to you mugs; or 3) Er, I'm unemployed. Er, how much is that in total? Six hundred quid? |
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Hello there Screaming.
1 is the most sensible reply but which is the most truthful? |
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There's an element of truth in all three.
Unless you're Sheldon Cooper out of The Big Bang Theory, everyonehowever honest their intentions, adapts their responses and reactions to the people with whom they're talking and the situation in which they find themselves. There are no absolutely true or false statements in life. It just depends on who you're talking to. |
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TheInvestor2 19 Jan 12 02:24
That's the plan Trevh I also bought a house in 2007 that I'm renting out. My plan was to build up a property portfolio adding one a year, but seeing as I haven't been employed since 2008, getting a mortgage is tricky. It's also a lot of hassle, hardly 'passive' income. ___________ Do you have a consent to lease in place ? -i've been hearing bad things about this set up re charges ,Investor |
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No coach, I don't have permission to rent it out. The banks don't care unless you are not paying. They could take the property off me, but good luck to them as it's worth less than the mortgage.
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I am getting all this kind of stuff sorted though. I like to do things properly, and to stick within the rules/law as I believe it makes things run smoother for everyone.
I used to be a bit more rebellious. |
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TheInvestor2 22 Feb 12 11:25
No coach, I don't have permission to rent it out. The banks don't care unless you are not paying. They could take the property off me, but good luck to them as it's worth less than the mortgage. ___________ ahh ,OK - i ahd wondered about not getting permission to do the same thing  and take advantage of the SVR as opposed to the BTL rate  but then read stories of Banks getting funny ,court cases looming ,repossessions and to cap it all failure to lend in the future (Like a blacklist) Would Insurance companies be OK about this set up in the event of a fire etc ? |
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.... of course with property not budging in price the interest rate is as much as the rent received -more of a long term thing i guess?
I tried to get a second mortgage with the bank last week (saw a place real cheap to rent out -65k)- when i said i had no formal pay slips to offer them they told me to do one  |
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Yes coach, the insurance company knows it's rented out as you need a different kind of insurance.
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TheInvestor2
Yes coach, the insurance company knows it's rented out as you need a different kind of insurance. Or so that bird with massive cans off the property programmes would have you believe. Can't you just get buildings insurance to cover the structural element of the property and then tell your tenants to get their own contents (assuming you're not providing a furnished property)? Coach - get a buy to let mortgage - requires about 25% down and a rinsey arrangement fee, but they don't ask any questions about income so long as the sums add up. |
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You have to declare the number, names and nature of the occupiers to get even just buildings insurance.
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You'll need landlord's insurance as well Rob.
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Rob - cheers, i will look further into this ,the nice lady mentioned to me about payslips ,although she might have got her wires crossed (i was more looking at a CTL),in which case i don't think they're in the mood for lending right now .
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yes UA ..landlords insurance is required i was told which is different to the normal one - watch how you go ,esp with a tenant present
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Rob_The_Bantam
Date Joined: 04 Dec 06 Add contact | Send message When: 22 Feb 12 16:17 Joined: Date Joined: 04 Dec 06 | Topic/replies: 2,748 | Blogger: Rob_The_Bantam's blog TheInvestor2 Yes coach, the insurance company knows it's rented out as you need a different kind of insurance. Or so that bird with massive cans off the property programmes would have you believe. Can't you just get buildings insurance to cover the structural element of the property and then tell your tenants to get their own contents (assuming you're not providing a furnished property)? Coach - get a buy to let mortgage - requires about 25% down and a rinsey arrangement fee, but they don't ask any questions about income so long as the sums add up. Yeah that's what I have done. I don't even have contents insurance for my own home, as I only believe in using insurance for very large liabilities. As a gambler, I'd rather take the risk when the value of the stuff to be insured is small. |
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Investor - maybe i'm missing something here ,but doing the maths is there any point in buy to lets generally at the minute?
Take for example i have just borrowed 80k and found a little terraced house to let -nothing special but can achieve 440 a month in this area . Now ,if i'm paying interest only they have quoted me 6% ,in rent i am receiving roughly the same in return -so basically i am paying back the rent to the bank in interest. On top of this ,i have insurance,plumbing and heating insurance,repairs and maint'ce,agents fees if app, the risk of not having a tenant in at any time,plus other bank charges -and possible interest hikes long term . With houses unlucky to shift in value over the next 5 years i would be paying someone to live in my house surely ? What am i missing here ? |
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sorry about the comma's all over the shop
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Rob the Bantam - also addressed to you as well btw
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Hi there Coachbuster, hope you don't mind me having a go at this.
From your example given, you are making no investment and getting no return. all you are doing is paying maintenance costs for an asset which you could benefit from if the asset increases in value. It seems sensible to get no return from no investment. In your example the value would be there if you were to pay the £80,000 from your own money (this is hypothetical of course). Then you could say you are receiving 6% from your money rather than 0.000000000236% that is currently available, and of course have an asset which you would hope increase in value. No one really knows what will happen to house prices 5 years from now and my personal viewpoint is that these assets should viewed as a long-term investment and you should not really be looking to sell within 10 (certainly more than 5) years. Hope this is the type of response you are after. Cheers |
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U.A , thanks for that and have confirmed what i was thinking earlier.
Any liquid cash would be well spent paying off a BTL mortgage as long as there isn't a redemption fee . Argggh- i hate banks -scheming barstewards  |
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by the way, would your rate not drop when you went onto a variable rate if the current interest rates remained as they are, or does it would it not work like that.
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UA - i was quoted a fee of around 6% for BTL mortgage ...and it appears the same for a consent to lease set up too-whether this changes over time with interest rates i'm not sure - it just sounded quite a scam since as far as i know they don't incur any extra costs
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