Mortgage for non taxpayer

Choristar

Really hope someone can help me with this....I've been trying to get a mortgage but keep being told that no one will lend to me if I can't prove my income through the amount of tax I pay.
I am a day trader on a betting exchange. Any profits that I make are non taxable as it is considered as gambling so I have no way of proving my income other than bank statements which isn't good enough any more.
This is so frustrating as I've been saving hard for the last couple of years. I have a 20% deposit to put down and can show any lenders that I have been making a consistent income for four years by showing them my bank statements.
Does anyone know of any lenders that would accept this? Surely there's a way around this!
Thank you in advance for any help.

amnblog

These kind of cases were possible before the mortgage market review. Now I would not hold out much hope.

Thrugelmir

Choristar wrote: »

can show any lenders that I have been making a consistent income for four years by showing them my bank statements.

Doesn't mean that you will in the future. As that's what lenders require. A reasonable certainty of income.

Keep saving and buy for cash.

audigex

Choristar wrote: »

Any profits that I make are non taxable as it is considered as gambling so I have no way of proving my income other than bank statements which isn't good enough any more.

This is your problem. You don't have income, you have gambling wins. While you appear to have been consistent in the last 4 years, there's no guarantee that you will continue to do so. Your mortgage company isn't really asking how much you have made, it's asking how much you will make - it's just that for most people, the easiest way to prove this is to show last year's income.

In short, you don't have a guaranteed income, so they won't touch you with a barge pole. As mentioned, save up and buy for cash. You could also perhaps consider undertaking your trading through a company and paying yourself a salary/dividend from that company.... I'm unsure on the legal details of that, though, and you would become liable for at least some taxation.

revs

I too am I betfair trader and believe me the slightest hint of the word gambling (which it isn't, I know) and you've got no chance. HSBC even took my current account of me as they didn't want to be associated with gambling! One mortgage company turned me down 8 years ago as they found a bookmaker transaction on my bank statement. I would suggest that you operate two current accounts, a clean one with all your DDs, and a dirty one for using with the bookmakers/betfair. You never know when you'll need to show a normal bank statement!

It looks like you have a few options available to you:

1. Continue to make money on betfair and save up for your house (mortgage free)

2. Get a job for the minimum timeframe (6months is it?) apply for your mortgage then quit the job. You'll still get chance to remortgage with the same lender in x years time without proof of income etc.

3. If you've got a friend with a limited company ask them to include you on the payroll for the required time whilst you carry on trading. Obviously you'll have the expense of the tax/NI on earnings, plus committing mortgage fraud is a little naughty!

4. Use a family member to come in with you on the mortgage application (so long as they have income). If a residential mortgage doesn't work try the BTL route - a couple of BTL lenders don't look at income so long as you have a bigger enough deposit. You can rent out the house - at least you'll be on the housing market.

Hope this helps...I know how difficult it can be.

Thrugelmir

revs wrote: »

I too am I betfair trader and believe me the slightest hint of the word gambling (which it isn't, I know) and you've got no chance.

Let's call it speculation if makes you feel better.

Engagement in commercial transactions that involve risk with the hope of profiting as a result of market fluctuations.