Getting a mortgage without a conventional Job.

Caan

Hi all,

I thought id post up as i couldnt see anything like this in the forum already.

I have found myself in a situation which dosent seem to fit any 'tick box criteria' down the bank and was wondering if anyone can offer any advice to me with regards to being able to get a mortgage?

Currently this all started when i was rejected after an application to rent somewhere a bit nicer to live....

I dont have an employer, i work at home by myself working with my money through spread betting/gambling and arbitage.
Therefore i dont have to declare myself for tax on my income, i have a side income too which i do for fun which returns me about 10 - 15kpa but i dont see it being much use in this.

So when it came to the selection process i was told no irrespective of my consistently monthly earnings as i didnt have an employer or 3 years records of self employment. Even though i offered to pay 6 month in advance (very frustrating).

Anyway i have since looked into getting my own place, something i was planning on saving up for a few years in the hope i will have enough to get what i would like outright.... but having thought about it thats not the shrewdest way of things and now would like a mortgage but it seems im presented with the two tick boxes again, employer/self employed records 3 years.

Does anyone know of a way around this for me? brokers of some kind?

Thanks in advance

Caan

HappyMJ

No chance unfortunately. You cannot use the profits made from abitrage bets to use as income to support a mortgage application. I know the profits are guaranteed (I make a lot myself) but they cannot be relied upon....so your only income is £10,000 to £15,000 and that isn't enough to support a mortgage of any reasonable size for the property that you are thinking of purchasing.

If you have a family member who has a job and has paid off the mortgage on their own property you might like to come to some sort of arrangement with them so they borrow the money, buy the property and you rent it from them.

Caan

Thought it might go that way.... absolutely nobody that could help?

Seems a bit crazy though if you was earning 100k a year from such things and you could prove it...... how they see it as riskier than a mortgage to someone on a significantly lower income with little deposit..... :eek:

Thanks though

HappyMJ

Caan wrote: »

Thought it might go that way.... absolutely nobody that could help?

Seems a bit crazy though if you was earning 100k a year from such things and you could prove it...... how they see it as riskier than a mortgage to someone on a significantly lower income with little deposit..... :eek:

Thanks though

If you are making that much why don't you just rent until you have saved up enough to buy outright. You can rent by paying 6 months rent up front or by having a guarantor who will pay the rent in the event of your default....or by finding a landlord that doesn't do employer checks and relies on your goodwill to make the rent payment each month. They do exist.

How many years have you been making that sort of money for? What are your basic living expenses (i.e £200 a week plus rent)? What have you managed to save so far? Does the amount you have saved correspond will all the previous figures? i.e if you have been doing this for 5 years and your living costs are £200 a week plus £200 a week rent then you should have saved around £400,000.

Caan

The sums im on... which are likely to bounce margainly either side of that figure now, only made them for about a year and a half but i antisipate it going up.

I have a landlord like that at the moment although i wanted a bigger house for me and the mrs. I'd say they are few and far between though.

I estimate ill need about that for the house i want in the area i live which at the current rate need to save another 3 years... but its pretty hard to live off a few hundred quid a week when your making so much more.... just wondered if there was any lending options in the meantime. Wouldnt want or need to borrow 4 or 5x yearly income.

HappyMJ

Caan wrote: »

The sums im on... which are likely to bounce margainly either side of that figure now, only made them for about a year and a half but i antisipate it going up.

I have a landlord like that at the moment although i wanted a bigger house for me and the mrs. I'd say they are few and far between though.

I estimate ill need about that for the house i want in the area i live which at the current rate need to save another 3 years... but its pretty hard to live off a few hundred quid a week when your making so much more.... just wondered if there was any lending options in the meantime. Wouldnt want or need to borrow 4 or 5x yearly income.

Family is your only option.

Thrugelmir

Caan wrote: »

Seems a bit crazy though if you was earning 100k a year from such things and you could prove it......

You can't prove it. As it's tomorrows income not today's that counts.

Known some serious risk takers in my time. All took some serious falls at one time or another. No one is immune. Even the hedge funds with their army of phd qualified rocket scientists couldn't create the perfect system, and got their fingers burnt. For one simple reason when a market turns totally red or negative across the board there's no hiding place, no where to go.

Bide your time. Save your money and buy for cash.

Caan

Thrugelmir wrote: »

You can't prove it. As it's tomorrows income not today's that counts.

Yeah, could say that about anything or anyone though.... just because probability and gambling come into it dosen't mean im foolish enough to not manage risk. Could get hit by a bus tomorrow or if you had an employer the company could go bust overnight with a new technological discovery etc etc..... nothings certain.

But that aside i guess the answer to my question is no chance