Getting a Mortgage with Gambling Winnings

RabbitMad

stuckin wrote: »

Hi guys
i am a successfull gambler who takes away over £2000 a month sometimes more.

Note:-All gamblers claim to be successful :rolleyes: . IMHO I think even mentioning your gambling addiction to Mortgage Companies in the current climate will have them running for the hills.

The problem you'll have is this income is not guaranteed and could dry up at a moments notice or worse still turn into a £2,000 a month liability.

Over the years I have joined a few gambling syndicates at work (run by successful gamblers), on each occassion I have withdrawn double my initial stake after a couple of months. Inevitably each syndicate lost all of the money invested in the end. What I'm trying to say is that in the long run the bookie always wins.

southernscouser

teabelly wrote: »

and sensible gambler

There is no such thing as a sensible gambler.

Mac_Sami

RabbitMad wrote: »

Note:-All gamblers claim to be successful :rolleyes: . IMHO I think even mentioning your gambling addiction to Mortgage Companies in the current climate will have them running for the hills.

The problem you'll have is this income is not guaranteed and could dry up at a moments notice or worse still turn into a £2,000 a month liability.

I agree that in the current climate banks and mortgage companies would be reluctant to lend - but then if you're self employed, your income is not guarantee either, given that a client you work for could pull out at any time, or work in your sector could dry up. Imagine trying to be a self employed energy certificate person right now.

Of course, it depends how rock solid your client list is and the job you do.

What I'm trying to say is that I cannot see the difference between showing 2 years worth of continued income from self employment compared with showing 2 years worth of continued income from gambling. Yes, gambling attracts a greater risk of losing, and I still can see that the banks would be reluctant to lend money on that basis. Just a few thoughts I had, that's all.

AMILLIONDOLLARS

Who's to say you'll be winning over the next 25 years, then what would you do if you started to lose 2 years into the mortgage?

Save your winnings into an ISA account, then when you have enough for a substantial deposit, use your wage for getting a mortgage, Simple!!!

Do you really want to gamble losing your House?:rolleyes: Of cause you do your Gambler:D

AMD

silvercar

"Earnings" are money you gain from work you do.

"self-employed" is when you work for your self rather than someone else.

If you spend time gambling and keep all your gains, aren't they self-employed earnings?

stuckin

Thanks for the replys guys
I dont risk big stakes of money i use gambling as more of an investment, you got to be strong minded and get over any losses and move on. the reason people lose at gambling is because they always chase their losses, You need a strong betting bank to start with, a few good systems with staking plans and stick to it, if you bet small then a few losses will only be small, if you have good systems that are tried and tested then your ok, just never increase your stakes and get greedy.
I have been gambling 10 years now i started when i was 18 the first 2 years i spent revising and learning the systems and lost a load, but for the past 8 years i have been in big profit at the end of every month.
Remember see gambling as an investment not a game and your already on your way.
Oh and in reply to one of the comments. i would NEVER gamble on my house and i never gamble into my monthly wages, thats what my large betting bank is for.

Thanks again guys
P.s if anyone wants any tips feel free to IM me

southernscouser

Why don't you just matched bet instead? You limit the risk then.

How much do you make a month on average from gambling?

If anyone wants any tips I suggest you go to the gambling intro offers board rather than PM'ing this bloke. If there was 'a system' everyone would be doing it! :rolleyes:

stuckin

Lol its not "a system" its just finding a system that works for yourself, all systems go through a losing couple of months, its just making sure you can deal with it and look for the signs so you limit your loss, it takes a lot of work and like i said it took 2 years of studying stats and percentages, anyway i didnt mean to turn this into a discussion about gambling, everyone has there views and are entiltled to them, i just wanted to know where i stood on getting a mortgage,

Thanks again guys

Catblue

If you have been making £2K per month on gambling for the last 8 years, then you should have £192K stashed in the bank. With interest, this should be well over £200K by now.

So how come you even NEED a mortgage? No offence, but that is exactly what mortgage lenders will be asking.

tomstickland

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.

If you look at a succesful poker player, it's because they understand the statistics of a set of cards. Their profit is a long term expectation, and it's quite normal for them to have losing streaks. Not to be confused with the regular losing streaks and the true negative expectation of a conventional delusional gambler.

How do you know that the OP isn't essentially a trader of some sort on an exchange, in which case their activity is rather like that of a stock speculator?