Help! Unique situation!

happyshopper88

Hi, I'm a first time poster (and buyer) so forgive me if I say anything stupid basically!

I have already reserved a house for 225k and have a deposit of 100k so I'm looking for a mortgage of about 60%. The problem is I have no way of proving my income (50k) as it is tax free therefore I can't self-certify because I have no accountant! I am currently classed as unemployed. I could include my partner but at the moment the deed is under my name and I am not sure her earnings would be sufficient (18k). My credit rating is good, I assume, because I have no debts and one credit card(rarely used). Could I negotiate with my bank who can look at my account and realise the risk is worth taking due to my activity or should I just get a company job to prove an income?

Any help greatly appreciated!

stacey21_2

Why would your income be tax free?

happyshopper88

Because it's a form of 'gambling' I guess but I consistently make 1k a week.

Dani85

How can you have a job that is a form of "gambling" what do you do? Sorry if I sound thick lol

happyshopper88

I know there is a stigma attached to gambling, that's why I didn't mention it, not because I didn't wish to seem transparent. All I will say is I used to work for a company but found I could make make more money elsewhere and yes it is legal. Can any mortgage brokers advise me on my situation please? Thanks in advance.

kingkano

Arbitrage?

Its a tricky one, as you cant prove the income in a way I think a bank would look kindly upon. Or if you can, please someone let me know as I do similar for a hobby and it'd boost my mortgage hopes lol.

dejongj

I know many a professional gambler, some on sports, some on poker and others on the stock market!

I'd suggest to talk to your bank where that 'income' is regurarly coming in, especially with low loan-to-value-ratio I wouldn't be suprised if they are interested....

DawnW

Is it really tax free? Why do any of us work? I guess I would be really rubbish at gambling though:)

Leon_W

I did a mortgage for a guy that was a professional gambler. He used to place spread bets on share prices going up and down and because it is a gamble as opposed to an investment his contract was with a bookmaker rather than a stockbroker.

It made perfect sense as there is no tax to pay on your "winnings" but is obviously stigmatised as "gambling".

In view of the large deposit I think a lender would take a view on this and I honestly can't see a problem. You may not have to self cert if you could prove your winnings by bank statements.

If self cert was the only option then some lenders do not require accountants details either.

A half decent broker should be able to place this in their sleep.