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  • FIRST POST
    • FirstTimeBuyer123
    • By FirstTimeBuyer123 1st Dec 17, 5:17 AM
    • 2Posts
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    FirstTimeBuyer123
    Large Deposit - What Multiple of Salary Can We Get?
    • #1
    • 1st Dec 17, 5:17 AM
    Large Deposit - What Multiple of Salary Can We Get? 1st Dec 17 at 5:17 AM
    Hello,

    A bit of an odd situation that I'm looking for some advice on.

    I have been playing poker online as my sole income for the last 4 years. (Un)fortunately this isn't classed as a taxable income, and therefore can't be proven and taken into account when applying for mortgages. Me and my partner are looking to buy our first property after saving hard for the last few years.

    Currently my partner is on a £22k salary and we have around £200k in savings. We would like to have a budget of around £300-350k for the house. (3 bed, South East). Is it possible to get a mortgage for say £150k with only a £22k salary being provable? I had a search around online but couldn't find any concrete answers.

    I know that typically lenders will do 4-4.5x salary, but with such a large 'deposit', their risk is substantially lower so was wondering what the highest kind of multiple we could get is. Ideally i'd like to have an okay amount left in the bank as a safety net incase my job ever goes bad and i need to look for other work.

    Any answers on this would be greatly appreciated.

    Regards,

    Adam
Page 1
    • obay
    • By obay 1st Dec 17, 6:19 AM
    • 452 Posts
    • 329 Thanks
    obay
    • #2
    • 1st Dec 17, 6:19 AM
    • #2
    • 1st Dec 17, 6:19 AM
    Damn, that must have been a lot of poker to be played to get 200k in savings.

    You can buy a 3 bed house for that where I live - you could be mortgage free and not worry about poker. Proving it on the other hand, I have no idea.

    The others will be along shortly to tell you your options
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    • amnblog
    • By amnblog 1st Dec 17, 7:31 AM
    • 10,071 Posts
    • 3,926 Thanks
    amnblog
    • #3
    • 1st Dec 17, 7:31 AM
    • #3
    • 1st Dec 17, 7:31 AM
    In short Adam, no you cannot.

    The Regulator restricts the maximum lenders can offer based on given incomes. Even if it seems low risk to the Lender they cannot take that decision.

    On that income affordability is likely to be capped at £99,000.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Mortgage_Adviser
    • By Mortgage_Adviser 1st Dec 17, 10:08 AM
    • 46 Posts
    • 22 Thanks
    Mortgage_Adviser
    • #4
    • 1st Dec 17, 10:08 AM
    • #4
    • 1st Dec 17, 10:08 AM
    I remember when I worked in the bank there was a lady who wanted to borrow about 40k against the property worth 1M which had no mortgage on it.
    However she did not have sufficient income, and as so no one was interested in the property value.

    OP, has either if you get any benefits, tax credits etc?
    • FirstTimeBuyer123
    • By FirstTimeBuyer123 1st Dec 17, 3:36 PM
    • 2 Posts
    • 0 Thanks
    FirstTimeBuyer123
    • #5
    • 1st Dec 17, 3:36 PM
    • #5
    • 1st Dec 17, 3:36 PM
    Thank you for all the quick responses. Much appreciated. I guess we will have to look to save a little longer or potentially lower our budget.

    OP, has either if you get any benefits, tax credits etc?
    Originally posted by Mortgage_Adviser
    No, neither of us claim any benefits. We are both completely debt free also, no children or finance on anything.
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