Gambler's mortgage?

AmberGambler

I have about £200k in instant access deposits and another £100k or so in ISAs.

I work as a professional gambler.

Is it possible for me to get a mortgage?

Currently we rent a house for £1500 PCM but in this area (Surrey) a decent family house is £600-£700k, which I don't have so would need a mortgage. In theory I could probably move to Barnsley or something, but in reality that's not going to happen.

Any advice?

Simon_gloster

Red.

Lenders will take income that is declared to HMRC only. If you do pay tax somehow, lenders will still not like the nature of your job. How would you prove income other than bank statements?

When did you start ie the date you last informed HMRC you were either employed or self employed?

AmberGambler

Sorry to be clear regarding 'professional gambler', gambling winnings are not taxable and are not therefore declared to HMRC. It's what I do for a living however.

I could potentially get a job (a regular, non-gambling one), I guess £60k would be about the mark - not sure what sort of income multiples you can get now. I make about £150k/year from the gambling although spend a lot of that - £20k on school fees, about £30k on holidays last year.

Simon_gloster

Gaining employment would solve it all.

AmberGambler

Simon_gloster wrote: »

Gaining employment would solve it all.

Presumably not all...

How many months of employment would I need to get a mortgage? And what income multiples can you get with a good deposit (say 25%)?

HappyMJ

AmberGambler wrote: »

Presumably not all...

How many months of employment would I need to get a mortgage? And what income multiples can you get with a good deposit (say 25%)?

6 months but you could apply now with 4 months to move in 2 months and have 6 months then (and can be also be less depending on contract of employment). 4 times income (can be slightly higher based on your other outgoings and spare income after all living costs).

property.advert

The trouble is that he'd need a £150k a year job to get a £600k mortgage and not some minimum wage burger flipper.

dimbo61

A " regular job" does not pay £60K!!! Well not round here
So you either win more money from Gambling and buy a Big house cash or continue renting and line some rich landlords pockets

ACG

You technically dont earn anything so you have no accounts/self assessment returns - is that pretty much correct?

I dont think you stand a chance.

Infact:
Possibly a guarantor mortgage and i think some lenders still do self cert so long as you have about 50% deposit. Also a little lender down south does custom mortgages where they will look at everything - interest rate is about 6% plus though - they could be an option. But i think you need to go via a broker for this.

If im being honest though, i still dont think you stand a chance with no accounts - but there are a couple of avenues to atleast give it a try.

Alternatively there are people who buy houses and would let you purchase it off them for £xxxx deposit and so much rent each month. I cant think of any companies but there are a couple odtted about.

Wutang_2

AmberGambler wrote: »

I have about £200k in instant access deposits and another £100k or so in ISAs.

I work as a professional gambler.

Is it possible for me to get a mortgage?

Currently we rent a house for £1500 PCM but in this area (Surrey) a decent family house is £600-£700k, which I don't have so would need a mortgage. In theory I could probably move to Barnsley or something, but in reality that's not going to happen.

Any advice?

Stick £200k on red and you have a decent deposit

MacMickster

You have chosen to make your living in a way that (so far) has given you greater income than you would get from a regular job and where that income is (probably) not taxable.

The downside is that lenders will almost certainly see you as a poor risk, so if you want to buy a property then you are going to have to start saving rather more of your income.

I presume that this is internet gambling, in which case why not look for a property in a cheaper area. It doesn't have to be Barnsley. Spain or a Carribean Island perhaps?

Alternatively, if you are managing to rent a £700K house for £1500pcm then recognise that this is a cracking deal and there are times when it is better to stick rather than twist.