First time buyer - unemployed with 50% (40k) deposit from matched betting

arichmond64

Hello guys, I thought I'd make a post here as I know there's a wealth of knowledge.

My situation is, I don't have a "proper job" I'm pretty much a full time matched better (gambling as far as the banks are concerned, which I have no qualms with)

At the moment me and my girlfriend live with my parents, we're looking to get a house, but as I don't have a proper income I thought it best to save up for 50% of a house, or my half if you will.

In an ideal world I would like it for me and my girlfriend to be able to go to the bank, and for her to get her own 40k mortgage for her own half of the house, but from the sound of things it doesn't really work like that.

Neither of us have debt, children or any large monthly outgoings.
She gets paid £13,500 a year.

I'm basically looking for general advice on the whole situation.
Is the fact my deposit comes from "gambling" a problem?
Am I damaging the mortgage application because I'm unemployed?
Does the fact I "gamble" damage the application (even though the mortgage isn't based on my income)

Any advice at all is welcome.

xnoxxnox

You should be able to have proof of deposit for money laundering prevention. E.g. you betting account history and pay-outs.

You can gift the deposit to her, and she would then be able to afford the mortgage by herself. You will not own the house, nor be responsible for mortgage payments.

Alternatively you can apply together, have unequal deposit contribution and thus have more legal work to do - get a good solicitor to disentangle all that.

With 50% LTV, you should be able to get very decent mortgage rates, which should be affordable on a 13.5k regular income.

getmore4less

HOw long did the 40k take?
Just do the same agains and you have 100%.

arichmond64

xnoxxnox wrote: »

You should be able to have proof of deposit for money laundering prevention. E.g. you betting account history and pay-outs.

You can gift the deposit to her, and she would then be able to afford the mortgage by herself. You will not own the house, nor be responsible for mortgage payments.

Alternatively you can apply together, have unequal deposit contribution and thus have more legal work to do - get a good solicitor to disentangle all that.

With 50% LTV, you should be able to get very decent mortgage rates, which should be affordable on a 13.5k regular income.

I can show where it came from of course, to show it's all legit.

I don't think gifting her the deposit is an option as I want to own the house and have protection should the worst happen and we split up, I know of too many nightmares people have had to put myself in this situation.

My sister works for a financial advisors, we had a meeting with one of their advisors who ran some quotes from lenders or how ever it works, having both of us going for the mortgage, on her wage was resulting in only offers of 20k.

arichmond64

getmore4less wrote: »

HOw long did the 40k take?
Just do the same agains and you have 100%.

It took about 20 months.

My parents are looking at gifting us the money or taking the mortgage in their name somehow.

It's tough to get advice as it's such a rare situation and no one can ever give a definitive answer.

xnoxxnox

arichmond64 wrote: »

I can show where it came from of course, to show it's all legit.

I don't think gifting her the deposit is an option as I want to own the house and have protection should the worst happen and we split up, I know of too many nightmares people have had to put myself in this situation.

My sister works for a financial advisors, we had a meeting with one of their advisors who ran some quotes from lenders or how ever it works, having both of us going for the mortgage, on her wage was resulting in only offers of 20k.

40k deposit + 20k mortgage, just 20k more to earn/make/find/take gift.

arichmond64

Is there a procedure in which the whole thing can be set up so that, I own 50% of the house, and my girlfriend then gets a mortgage which is effectively on her own, to pay for her 50%? Meaning the mortgage itself doesn't have anything to do with me what so ever.

Pixie5740

The majority of lenders want those named on the deeds to be named on the mortgage. You can't really just buy half and house the two of you will be purchasing the whole house if you see what I mean.

Senior_Paper_Monitor

With one exception (and I doubt they will touch this case) if you want to be on the title you will need to be on the mortgage.

In most cases this will make you a dependent (as you have no acceptable income).

Your case becomes a joint application, with a single/joint income of £13,500 (i.e you area dependent) and I don't think it fits with anyone.

I see no options other than:

1) parental involvement (depends on the figures)

2) get a job (probably six months), get a mortgage then review your career in the future.

arichmond64

Senior_Paper_Monitor wrote: »

With one exception (and I doubt they will touch this case) if you want to be on the title you will need to be on the mortgage.

In most cases this will make you a dependent (as you have no acceptable income).

Your case becomes a joint application, with a single/joint income of £13,500 (i.e you area dependent) and I don't think it fits with anyone.

I see no options other than:

1) parental involvement (depends on the figures)

2) get a job (probably six months), get a mortgage then review your career in the future.

I think this is pretty much the case now, I think she's coming short in the affordability check because she has to foot every bill herself, and then they think, in a way that I'm also going to be a monthly cost.

I think my parents may get involved, as they inherited a decent amount of money a while back.

Is where my deposit came from going to be a problem?
I'm being given mixed messaged, even by actually mortgage brokers and advisors, the one I had a meeting with said I will have to prove where it's from, now he's saying just call it savings, obviously the problem with that is, "savings from what?"

Now another advisor who I am in contact with through a forum is telling me, do not tell them it's from gambling, and he doesn't think they'll want to know where it's came from.

alchemist.1

Any decent solicitors firm will ask you to prove where the deposit is from considering you're officially unemployed and the large amount