Getting a Mortgage with Gambling Winnings

stuckin

Hi guys
I currently have a job where i am getting paid about £20000 a year, but i am also a successfull gambler who takes away over £2000 a month sometimes more.
I am currently looking to buy a house (or an apartment) which i wouldn't be able to afford on my currently salary but can with my "winnings", i doubt my bank would give me the mortgage if they think that my income is not set in stone, how could i get round this.

Any help would be great thanks

beecher

LOL - no, I can't see a bank counting gambling as a stable income. Maybe you should save up all your winnings over the next couple of years and build up a deposit which will allow you to only need a mortgage of £60-70,000?

RecoveringAlcoholic

Put your winnings into Premium Bonds and when you have the max of £30k use that as a deposit!

danm

you'll need to self cert and prove regular income with bank statements.

you may want to go to Betfair and ask this question on their forum as there will be people who have had the same issues you face

stuckin

Ok thanks for the advice guys, i guess its the same for people who buy and sell on ebay too, and other similiar internet income

Mac_Sami

If you self cert, I think you typically need to show around the last 2 years worth of income and outgoings. If your gambling winnings have been for that long, I see no reason why they cannot be used - but the bank may be a little cautious, as it may not be a regular income.

That said, those who are self employed are able to get self cert mortgages, so I would see no reason why you couldn't.

Of course, as suggested, the alternative is to save your earnings so you're able to put down a large deposit, which will (in some cases) give you slightly better rates on the mortgage.

Benefits_Blagger

it can be done, but best asking over on the general betting forum over at betfair, as few people there have done it. i think there is a guy on there who has organised mortgages for fellow betfair users.

confused31_2

stuckin wrote: »

Hi guys
I currently have a job where i am getting paid about £20000 a year, but i am a successfull gambler who takes away over £2000 a month sometimes more.
I am currently looking to buy a house (or an apartment) which i wouldn't be able to afford on my currently salary but can with my "winnings", i doubt my bank would give me the mortgage if they think that my income is not set in stone, how could i get round this.

Any help would be great thanks

if your that good at gambling, get the biggest mortgage you can on your current wage, then get the mortgage money and gamble it, the higher stakes the more you get back.

You sound like you know what your doing gambling so say you staked 50000, you would get a lot more back than 2000 pound.

confused

teabelly

If you regularly pay winnings into your current account then you can at least have some proof that you do succeed at it. Ignore the comment about taking mortgage money and gambling it and sensible gambler knows you don't risk money you can't afford to lose!

If you want to make even more money have you considered writing an ebook or running seminars on what makes you successful? Income from seminars would be easier to allow from a lenders point of view.

If you save up and put down around a 25% deposit most lenders see this as virtually risk free lending so they may be much more inclined to count your gambling as straight income as they know you have a low LTV. There aren't many people that can make a living from gambling so you must be good at it

consnmattsmom

Can you share your winning secrets?

My husband only seems to lose...

m00m00

it would have been easy to do 12 months ago

very very difficult to do now post credit crunch.