Getting a mortgage with gambling winnings.

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

I thought you had to be working to get tax credits?

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.

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 As I understand it, N@tionwide have since withdrawn these self-cert mortgages, however there are lenders out there who will deal with you.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%).

TELL HIM YOUR A PROFESSIONAL GAMBLER AND THE WORLDS YOUR OYSTER ,IF THE BANK MANAGER LOOKS AT YOU A LITTLE BIT ODDLY DONT WORRY.

ITS ADVISABLE TO HAVE A WASH BEFORE YOU SEE HIM ,AND TRY AND SMARTEN YOURSELF UP,SHOW HIM YOUR NOT ANY OLD PROFESSSIONAL GAMBLER

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

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

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

Get a buy to let mortgage.  Then forget to let it out.

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.

any decent gambler doesnt need a mortgage

hth

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

Ozone - weren't 90%+ of self certification mortgages little white lies? Fraud is a bit extreme.

Rob_The_Bantam     12 Apr 12 13:31 
Get a buy to let mortgage.  Then forget to let it out.
_______________

they-re 6% interest

theyre

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

Apr 11, 2012 -- 8:04PM, racingguru wrote:

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.

Tell me are you advising OP to commit mortgage fraud because you are an idiot or a troll?

racingguru is clearly Peter Mandelson

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.

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.

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.

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 .

Be interesting to see what happens to house prices over the next 10-20 years when student debt and higher interest rates kick in

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.

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

Anyone who wonders why self-proclaimed pro gamblers can't get mortgages must have been asleep for the past 4 years.

A PRO GAMBLER HAS LESS CREDABILITY THAN THEM PEOPLE WHO PHONE  YOU UP FROM NIGERIA ASKING FOR YOUR BANK DETAILS

THEIR LIKE SECOND HAND CAR DEALERS ONLY WITH NO ASSETS

BUT THEY CAN TELL A GOOD STORY

THE REASON THEY KEEP A LOW PEOFILE IS BECAUSE THEY DONT WONT ANY ONE TO RECONISE THEM ,INCASE THEY OWE THEM MONEY

I KNOW THOUSANDS OF GAMBLERS ,AND MOST HAVE LOADS OF GOOD TALES TO TELL YOU ,BUT NOT ONE,ONE,ONE HAS ANY MONEY

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

YOUR ONLY A STAR FOR ONE MEETING UNTILL THEY REALISE YOUR JUST THE SAME AS THE OTHER LOSEING GAMBLERS THERE

WE ALL HAVE ONE THING IN COMMMON,WE ALL DAY DREAM ,AND DONT WIN

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

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.

Yeah get a buy to let mortage, and tell the banks you are letting it to yourself, wiv a contract n everfing innit.

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?

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 ? 

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?

He asked how he could get a mortgage when making a living from gambling
_____________

And i am asking him 'why would he want to' ?

Okay, I'll leave you to it, then.

not a dig rob, just being flippant.

Hi RIT e mail me stevoborosub@yahoo.co.uk i will tell u what to do mate

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?

666 YOU KNOW THE SCORE

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.

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.

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.

THATS GOOD ADVICE ,^^^^

THAT MORE OR LESS SUMS IT UP

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

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.

UNLess your paying the Premium Charge..

Apr 15, 2012 -- 3:01PM, lucky15theway wrote:

High streets banks systematically view gambling as indicative of high default risk.

ups, my post is gone and there is something strange on its place

Anyone managed it over the last year?

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.

Suspected as much

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."

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.

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.

True, most of us paid for our numerous villas in cash

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

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

AND DONT LET THE BANK MANAGER SEE ALL YOUR TRANSACTIONS  GOING TO BETFAIR OFF YOUR STATEMENTS

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

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?

Gin - not if you move into a house worth 20% less than the one you are in now

True - but I can't see Mrs Gin being keen on that idea!

I don't know if you're asking me personally Gin.  I was just wondering what the latest, I can afford to buy outright just a small mortgage could work out cheaper than cashing in investments

PMSL AT A LOOOOOOOOOOOOOOOSER

DonNo1
09 May 13 20:40
Joined:
11 Nov 10
| Topic/replies: 4,856 | Blogger: DonNo1's blog
I don't know if you're asking me personally Gin.  I was just wondering what the latest, I can afford to buy outright just a small mortgage could work out cheaper than cashing in investments



Yes Don, my reply was aimed at you. Glad to hear that you have other options as you're probably going to need them!

I just found the following on an old thread in the financials forum. The guy I mentioned earlier was "chisel". His reply below is to somebody who is on a high SVR but it sounds like he would be able to tell you where you stand with getting a mortgage on a Betfair income:



chisel
04 Feb 10 09:23
Joined:
19 Sep 08
| Topic/replies: 1,585 | Blogger: chisel's blog
Very High

If you like e mail me at chris@your-mortgagecentre.com with your contact details and I will send you some ideas. If you have equity in your home of 25% you will get a deal under 3% for a Tracker with no fees or under 4 if you want a Fixed rate. If you owe more than 75% , you may as well stay where you are and wait for banks to start lending again.

5.35 is a DISGRACE. Get away from them now



The whole thread is here:
.
http://community.betfair.com/tradefair__financials/go/thread/view/94198/23726026/535-svr-is-this-high

Why not simply increase your 'steaks' to boost your winnings, until you have enough cash to buy the property outright?

That's what I did to get my first property.

how have you got on? i'm looking at buying a house next year sometime so I can get out of my mum and dads house.

not sure all the gambling transactions will go down to well though!

I BELIEVE BERKLAYS BANK HAVE A NEW GOVERMENT BACKED SCHEME TO HELP GAMBLERS GET  ON THE MORGAUGE LADDER ,THEY GIVE YOU THE BUS FARE TO YOUR FIRST SIX MEETINGS

FIRST 6 GAMBLERS ANNONOMOUSE MEETINGS ^^^^

I PROMISE ILL PAY LAST MONTHS MORGAUGE IM JUST WAITING FOR THE FOOTBALL SEASON TO START

I THOUGHT MY WINNINGS OFF THAT CHOKER WESTWOOD WAS GOING TO PAY FOR IT N THE GOLF OPEN

ITS NOT ALL MY FAULT ASK ANYONE ,WHOD HAVE THOUGHT FEDDERER WOULD GO DOWN HILL AS QUICK AS HE DID ,

ITS BAD ENOUGH LOOSING ALL MY MONEY WITHOUT HAVEING THE BANK MANAGER ON YOUR BACK ALL THE TIME

ARE YOU SURE YOU JUST CANT LEND ME A FEW THOU UNTILL THE FOOTBALL SEASON STARTS ,IVE STUDIED THE BETFAR GLOSSY FOOTBALL PREVIEW MAGAZINE THAT THEY SENT ME IN THE POST

IM BOUND TO GET A FEW WINNERS WITH ALL THAT INFORMATION

I THOUGHT YOU WAS A CARING BANK ,IT DOESNT LOOK TO ME AS THOUGH YOU CARE FOR ME

WHAT DO YOU MEAN ,I CAN CHANGE MY BANK IF I DONT LIKE IT,IVE GOT NO MONEY IN MY ACCOUNT WHATS THE USE OF THAT

YOU JUST WAIT TILL THE FOOTBALL SEASON STARTS YOU WILL BE BEGGING ME TO LEND ME MONEY OFF YOUR BANK

Thanks for that dolally it's been taken into account!

IM SORRY MR SMITH COULD YOU PLEASE SHUT THE DOOR ON YOUR WAY OUT

I KNOW IM IN THE RIGHT PLACE
I LOVE THESE PEOPLE
THEY CALL ME DOLALLY AND THEIR THINKING OF ASKING THE BANK MANAGER FOR A MORGAUGE FROM THEIR GAMBLING WINNINGS

HAVE YOU SEEN THAT CADBURYS MASH ADVERT WHERE ALL THE ALIENS ARE IN STITCHES LAUGHING THEIR TIN HEADS OFF

EXCUSE ME MR BANK MANAGER IVE JUST BEEN ON THE GENERAL GAMBLING FORUM ASKING ABOUT GETTING A MORGAUGE FROM THE BANK ,AND ALL I GOT WAS A LOONATIC CALLED DO WAH DIDDY TALKING TO ME ,CAN YOU HELP ME ,YES GO SEE A DOCTOR AND TAKE THE FORUM THREAD WITH YOU

AND DONT FORGET TO TELL HIM YOU WANTED THE MORGAUGE FROM YOUR GAMBLING INCOME

It wouldn't suprise me do wah diddy if you were paying the 60% charge yet telling others it can't be done lol

YES DONT TRUST ANYONE ON A GAMBLING SITE ,I MIGHT BE THE VICOUNT OF SALFORD IN DISQUISE

IF I WAS A SHEEP I WOULD LIKE TO BE BRANDED WITH SMITHY 91 ON MY BACKSIDE SO EVERYONE WOULD KNEW WHERE I LIVED

Good topic.

Dwd it is a pleasure to read your work