General Betting
There is currently 1 person viewing this thread.
Hi, this is my first post on the forum.
Is it possible to get a mortgage with gambling winnings? I am sure this has been discussed on here before and if so then could somebody please direct me there?
Cheers, any help appreciated.
Is it possible to get a mortgage with gambling winnings? I am sure this has been discussed on here before and if so then could somebody please direct me there?
Cheers, any help appreciated.
sort by:
Show
per page
Replies: 108
|
By:
No one is gonna ask you where you got the deposit from and the bigger that is the better. Paying off the rest of the mortgage on future gambling winnings is not gonna go down well. Not sure if nowadays self certification mortgages are still available where an accountant (friend) can sign off you have a net annual income of x a year. Also mortgages based on your credit rating used to be available - not sure again after banks tightened up whether that still works.
Both these options you'll be paying more than normal interest but may be better than renting. Other option if your credit rating is really good is to get a big credit line. Not sure if that is a big thing in UK but my neighbour has one for 1/2 mill at 2.5%. Sorry if information is not current as was in the position you were in may years ago in UK and self certification worked fine but may all have changed now. |
|
By:
After they've finished laughing they'll tell you to try another bank .
|
|
By:
RIT, I did it reasonably easily all things considered. I doubt you live here though..
If you specify what country you are in you might get more info.. |
|
By:
I am in UK.
So what do professional gamblers do, just rent? |
|
By:
They get housing benefit.
|
|
By:
And what about other people that trade from home for a living?
|
|
By:
Housing Benefit? So they all live in one bedroomed flats?
|
|
By:
Housing benefit, tax credits, DLA, they are all on the fiddle.
|
|
By:
I responded to an ad in the paper in Germany. As I was able to put up about half upfront the thing went through easily with me paying 2 odd % more than my sister who did it legit at about the same time.
The market rules even in these times of European housing bubbles : if you can put up a decent chunk upfront there will be someone willing to lend - head to the grottier end of the market IMO |
|
By:
I thought you had to be working to get tax credits?
|
|
By:
RIT - a friend of mine still lives in the UK and is a professional gambler and doesn't claim benefits etc. He got a mortgage via his credit rating just before the banking crash a few years back. Before that it was self certification mortgages. I had a friend who was a chartered accountant sign off that I was self-employed and had an annual income of x,000 etc and got a mortgage that way. Alternatively get someone you know who owns a business say that you are employed earning whatever for a short period of time but you've completed probation period etc and no reason why they don't think you'll be there long term. Once you have the mortgage the banks don't care how you pay it.
It will certainly help your cause if you have a decent deposit though - 30%+. Less risk for banks = less digging by them. |
|
By:
RIT,
I've had 2 mortgages approved. One before the banking crisis, and one after. The latter was through N@tionwide, and was approved because I was putting up a large deposit (c.40%) and because I have a very high credit rating. As I understand it, N@tionwide have since withdrawn these self-cert mortgages, however there are lenders out there who will deal with you. You must have a decent deposit, though (> 35%). |
|
By:
TELL HIM YOUR A PROFESSIONAL GAMBLER AND THE WORLDS YOUR OYSTER ,IF THE BANK MANAGER LOOKS AT YOU A LITTLE BIT ODDLY DONT WORRY.
|
|
By:
ITS ADVISABLE TO HAVE A WASH BEFORE YOU SEE HIM ,AND TRY AND SMARTEN YOURSELF UP,SHOW HIM YOUR NOT ANY OLD PROFESSSIONAL GAMBLER
|
|
By:
THE BANK MANAGER USED TO ASK TO SEE YOUR WAGE SLIP AND YOUR PARTNERS WAGE SLIP TO SEE HOW MUCH HES PREPAIRED TO LEND YOU ,I STILL DONT THINK THEY ACCEPT TOTE BETS AND STRAIGHT FORECASTS BETTING SLIPS ,OR LUCKY 15 BETING SLIPS
I MIGHT BE WRONG |
|
By:
IF THE BANK MANAGER ASKS YOU WHAT LOANS YOUVE ALLREADY GOT ,TELL HIM ABOUT YOUR WONGA . COM LOANS,AND EVERYTHING YOUVE GOT PAWNED AT CASH CONVERTERS
|
|
By:
BEFORE YOU GO TO SEE THE BANK MANAGER ,JUST SIT DOWN AND HAVE A QUITE FIVE MINS ,SAY TO YOURSELF WOULD YOU LEND ANY MONEY TO ANYONE YOU KNOW WHO GAMBLES ,WOULD YOU LEND THEM £5 IF THEY SAID IT WAS FOR BETTING ,THEN SAY TO YOURSELF WOULD YOU LEND THEM £100000
|
|
By:
Get a buy to let mortgage. Then forget to let it out.
|
|
By:
COntrarian,point me in the right direction as i have 60k to put down,have the best credit rating you can get,around 150k has passed through my current account(profit)but as coachbuster as stated the main lenders treat you as garbage,they dont want to know.
|
|
By:
any decent gambler doesnt need a mortgage
hth |
|
By:
I am a mortgage broker, and take it from me, all the stuff mentioned above is rubbish and you have absolutely no chance of getting a legitimate mortgage ie without committing fraud
|
|
By:
Ozone - weren't 90%+ of self certification mortgages little white lies? Fraud is a bit extreme.
|
|
By:
Rob_The_Bantam 12 Apr 12 13:31
Get a buy to let mortgage. Then forget to let it out. _______________ they-re 6% interest |
|
By:
theyre
|
|
By:
why bother with a mortgage anyway ? i'm trying to get rid of my mortgage - rent out a place (same as paying interest) then save .
Once you have a tidy some put away , buy outright |
|
By:
|
|
By:
racingguru is clearly Peter Mandelson
|
|
By:
so rent all your lives and claim housing benefits then! Whats the big deal? You're paying off your mortgage just like anyone else. If the banks are too blinkered to recognise you are able to earn a living via betting then really is telling a few white lies that wrong especially given the fact you've put up a way higher deposit in the first place.
There's rules and there's dumb rules in life. I don't advocate welching on your debts but if you have to bend rules so you can equal opportunity to Joe Bloggs who could lose his 9-5 tomorrow then where's the crime and don't get all prim and proper with me. Gets you nowhere in life. |
|
By:
At the end of the day where's the risk for the bank when you're putting 35 - 40% down? You shouldn't need to justify 5hit IMO unless its proceeds from crime etc.
|
|
By:
Coachbuster
they-re 6% interest So? He asked if there's ways of getting a mortgage and that is one. Interest only repayments are hardly going to be crippling. |
|
By:
It's the stigma attached to gambling and associations most folk have with the average person who gambles.
A pro gambler has a lower status than an estate agent,traffic warden or debt collector -and far,far lower than say a toilet attendant. I accept this and realise that in life YOU have to make the blocks fit not others make them fit for you . As i've said previously, why would anyone need a mortgage right now when houses aren't an appreciating asset ? even a BTL or CTL mortgage is throwing money at the banks . |
|
By:
Be interesting to see what happens to house prices over the next 10-20 years when student debt and higher interest rates kick in
|
|
By:
Throw in the fact that we are in tough economic times and because interest rates remain low the real value of the debt doesn't decrease quickly over time it doesn't make sense to me how house prices can remain so much higher than historical averages indefinitely. I feel at some point something is going to give.
|
|
By:
Rob_The_Bantam 13 Apr 12 10:48
Coachbuster Interest only repayments are hardly going to be crippling. ___________________ But they are though . Why give the banks your money ? you won't get that back in rent within the next 5 years or even 10 - see Clydebank's post above. As you fully well know , mortagages are only a good idea if house prices are on an upward curve ,or in your case probably - you have a better use for the money |
|
By:
Anyone who wonders why self-proclaimed pro gamblers can't get mortgages must have been asleep for the past 4 years.
|
|
By:
A PRO GAMBLER HAS LESS CREDABILITY THAN THEM PEOPLE WHO PHONE YOU UP FROM NIGERIA ASKING FOR YOUR BANK DETAILS
|
|
By:
THEIR LIKE SECOND HAND CAR DEALERS ONLY WITH NO ASSETS
|
|
By:
BUT THEY CAN TELL A GOOD STORY
|
|
By:
THE REASON THEY KEEP A LOW PEOFILE IS BECAUSE THEY DONT WONT ANY ONE TO RECONISE THEM ,INCASE THEY OWE THEM MONEY
|