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Getting a mortgage with gambling winnings.
Getting a mortgage with gambling winnings.
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Replies: 108
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I KNOW THOUSANDS OF GAMBLERS ,AND MOST HAVE LOADS OF GOOD TALES TO TELL YOU ,BUT NOT ONE,ONE,ONE HAS ANY MONEY
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THEY THINK THEY WILL BECOME A CELEBRITY WHEN THEY BACK HORSES AND WIN ,
BUT THE NEAREST THEY GET TO BEING A CELEBRITY IS WHEN THEY GO TO A G A MEETING AND STAND UP IN FRONT OF EVERYONE ,AND SAY MY NAME IS DO WAH DIDDDY AND IM A COMPULSIVE GAMBLER |
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YOUR ONLY A STAR FOR ONE MEETING UNTILL THEY REALISE YOUR JUST THE SAME AS THE OTHER LOSEING GAMBLERS THERE
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WE ALL HAVE ONE THING IN COMMMON,WE ALL DAY DREAM ,AND DONT WIN
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AFTER ALL THE BAD NEWS ,THE GOOD NEWS TEA AND COFFEE ARE CHEAP AT THE MEEETINGS AND IF YOUVE GOT NO MONEY THEY WILL GIVE YOU A FREE CUP
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Coachbuster
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. I wasn't really intending to discuss the merits of various mortgage options, as I'm not qualified to comment. The OP asked for a way in which to get a mortgage without having any discernable income and this is an option. As long as the numbers stack up in theory, you won't get the bank poking their nose in as to who your tenants are etc, so you can just as easily live there yourself as long as you can meet the repayments. |
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Yeah get a buy to let mortage, and tell the banks you are letting it to yourself, wiv a contract n everfing innit.
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Not sure if your comment is meant to be a dig at what I said or what, but why would you have to tell the bank who you're renting the place out to? What business would it be of theirs?
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Quite a bit as it would be totally illegal unless you have a CTL or a BTL ,and they are 6%.
6% on a 200k property is 12,000 - then add further repairs and maintainence,insurance and mortgage fees . Rent on a similar property would be 9,000 without the risk of possible falling values. does this make sense to you at all ?  |
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Coach: where in the OP does it ask about the merits of mortgage vs renting?
He asked how he could get a mortgage when making a living from gambling. An option is to get a buy to let mortgage and then live in it yourself. The bank doesn't ask, you don't tell them. Whether doing so would make financial sense is another matter, but is it really relevant to the OP? |
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He asked how he could get a mortgage when making a living from gambling
_____________ And i am asking him 'why would he want to' ?  |
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Okay, I'll leave you to it, then.
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not a dig rob, just being flippant.
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Hi RIT e mail me stevoborosub@yahoo.co.uk i will tell u what to do mate
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When you say smarten up a bit DO WAH DIDDY, do you mean make sure your shell suit doesn't have stains down the front and untuck your bottoms from your socks?
When you say wash do you mean full strip wash or just armpits? |
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666 YOU KNOW THE SCORE
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I thought you had to be working to get tax credits?
no, that's only for working tax credit. you tend to get more child tax credit if you aren't working and if you have a few kids ctc is the big moneyspinner rather than wtc anyway. |
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which gets me on to the only reason i'd buy rather than rent. that's to convert my assets into a form which suits the means test for the new universal credit. i realise there's supposed to be some transitional protection for child tax credit recipients (until as yet undefined changes in household circumstances occur) so i'll have to see what they amount to first.
so is there no size of deposit which would make professional gambling seem ok to the bank manager. if you could put say 85% down, the risk to the bank would be very small. |
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High streets banks systematically view gambling as indicative of high default risk. First Direct declined to give me a mortgage of twice my steady annual salary even though i had a 75% deposit and savings to cover the rest. Their reason was that for many years my current account had a large number of 'gambling related' transactions and that even though they accepted that the transactions showed a profit for me they declined to give me a mortgage. I have no debts and - so I thought - a perfect credit history. I would encourage anyone who bets regularly to use a separate bank account to their day to day current account to avoid this happening to them.
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THATS GOOD ADVICE ,^^^^
THAT MORE OR LESS SUMS IT UP |
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The opposite is true for me
Barclays (my regular bank) agreed a 40% mortgage using 3 years account p&l from the 2 sites I use most |
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Thanks for the advice so far.
Think I will probably rent and as no tax is paid on gambling winnings then that can effectively pay for the rent. |
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UNLess your paying the Premium Charge..
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ups, my post is gone and there is something strange on its place
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Anyone managed it over the last year?
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Been with Lloyds for 35 years have a ten year success story on here,perfect credit history,...100k to deposit and needed 45k...no thank you.
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Suspected as much
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nortons 07 May 13 19:42
Been with Lloyds for 35 years have a ten year success story on here,perfect credit history,...100k to deposit and needed 45k...no thank you. -------- I'd have loved to have been a fly on the wall at that meeting. You need the Carlsberg Bank. Manager "The other banks refuse you and want to lend, how much.... £45k? Here's 90, and pay it back when you can." |
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tbf, any bank lending people money purely on the basis of past BF income would have to be insane. even if you're reliably profitable on a sports betting exchange, you're relying on exchange betting continuing to exist long term.
I'd want to see a long term history of profitability and a credible plan B. |
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I wouldn't lend to a professional gambler unless he put down 100% of the capital.
Any gambler who can't afford 100% is a rubbish gambler. |
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True, most of us paid for our numerous villas in cash
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MY BANK MANAGER SAID TO ME MANY YEARS AGO WHEN I WENT TO SEE ABOUT A MORGAUGE TO TAKE MY BOOKIES PEN FROM BEHIND MY EAR AND LEAVE IT IN MY POCKET THE NEXT TIME I WANTED A LOAN
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ANOTHER TIP IS ,IF YOU TAKE YOUR CHILDREN WITH YOU FOR A MORGAUGE AND YOUR CHILDREN HAVE PINCHED ALL THE HELIUM FILLED ADVERTISEING BALOONS OFF THE COUNTER WHEN YOU WAS IN WILLIAM HALLS ,POP THE BALOONS BEFORE THE BANK MANAGER SEES THEM
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AND DONT LET THE BANK MANAGER SEE ALL YOUR TRANSACTIONS GOING TO BETFAIR OFF YOUR STATEMENTS
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IF FOR SOME OBSCURE REASON THEY GIVE YOU AN APPLICATION FORM TO FILL IN
WHERE IT SAYS WHATS THE BEST DATE FOR YOU TO START PAYING BACK YOUR LOAN DONT SAY THE SECOND WEEK AFTER CHELTERNAM |
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I was lucky enough to get my current mortgage before the financial crisis. I went through a broker as I anticipated problems but all they requested as proof of earnings was a printed Excel sheet showing monthly profit/loss figures for the previous two years (seriously!).
It may be worth phoning around a few brokers to see what they say but I wouldn’t hold out much hope (you would also have to pay a fee but that would obviously be worth it if they got you a mortgage). Come to think of it there used to be a guy who regularly posted on the financial forums who was a mortgage broker (on the south coast if I remember rightly). He would be able to tell you how things stand but I can’t remember his forum name now – perhaps somebody else will know? The problem that I have now is that I can’t move if I want to take my mortgage with me as when you move to a new house you have to effectively be approved again for the new property (which is unlikely for me even though my mortgage is only for about 20% of the value). I would have to stump up the difference between the equity in my current house and the new houses’ cost. It also means that I am stuck with an SVR loan as I can’t even apply for a new product from the same company! One other thought – Do you know anyone who would act as a guarantor? |
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Gin - not if you move into a house worth 20% less than the one you are in now
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