Hi all,
I'm just wondering if any full time traders have bought a house recently?
I will be looking to buy soon and I'm not sure how the bank will see my profession. I've been a full time trader for 3 years and I can prove my income using betfair statements but they will just see profits from horse racing?
My girlfriend is on 20k basic a year and I don't think we'll get much of a mortgage on that alone, I make much more then this but I wonder how they will see my income?
Especially at these times where credit is harder to get.
Any experiences, anyone??
Cheers
Full time trader getting a mortgage?
-
andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I went for a chat with my HSBC branch about a year ago as I am looking to buy a house now but wanted to see what was possible. Ideally I don't want to have to get a mortgage but thought there is no harm in organising a meeting with the bank to see if I could get one and how much.
I am Full time trader and had been trading full time at that stage for about a year and a half. I pay all my daily winnings into my HSBC account so there is a clear record of what I 'earn'. As I say I pay my winnings in every day (assuming there are winnings
)
I was earning a 'decent wage' at that stage from my trading, more than what my mates were in their regular jobs who had recently got mortgages. I also had a considerable deposit, over 50%. So I thought I would stand a decent chance.
HSBC didn't see it that way and said as my earnings had no security they would not be willing to lend to me. We discussed options and the only option was to use my parents as guarantors who own their house outright and both are working.
I was a little surprised but not overly tbh but thought given my track record of paying in a good wage and the size of my deposit they would have been keener but they weren't overly. I mentioned self certs and they explained they didn't do them though I might get them elsewhere and now I understand self certs are going to be outlawed thanks to Gordon Brown (read http://news.bbc.co.uk/1/hi/business/8313853.stm for more information).
So what I plan to do now is just buy my house outright. It has meant waiting an extra year but on the upside I won't have a mortgage
Your situation will be different no doubt and your looking to borrow with someone with a regular job so that might help but basically the bank didn't care that I was paying in winnings daily and not withdrawing. Your best thing to do in my opinion is to arrange a meeting with your bank and take all your proof etc and just have a chat about what is possible the only thing it will cost you is your time.
Hope that was of some help.
I am Full time trader and had been trading full time at that stage for about a year and a half. I pay all my daily winnings into my HSBC account so there is a clear record of what I 'earn'. As I say I pay my winnings in every day (assuming there are winnings
)I was earning a 'decent wage' at that stage from my trading, more than what my mates were in their regular jobs who had recently got mortgages. I also had a considerable deposit, over 50%. So I thought I would stand a decent chance.
HSBC didn't see it that way and said as my earnings had no security they would not be willing to lend to me. We discussed options and the only option was to use my parents as guarantors who own their house outright and both are working.
I was a little surprised but not overly tbh but thought given my track record of paying in a good wage and the size of my deposit they would have been keener but they weren't overly. I mentioned self certs and they explained they didn't do them though I might get them elsewhere and now I understand self certs are going to be outlawed thanks to Gordon Brown (read http://news.bbc.co.uk/1/hi/business/8313853.stm for more information).
So what I plan to do now is just buy my house outright. It has meant waiting an extra year but on the upside I won't have a mortgage
Your situation will be different no doubt and your looking to borrow with someone with a regular job so that might help but basically the bank didn't care that I was paying in winnings daily and not withdrawing. Your best thing to do in my opinion is to arrange a meeting with your bank and take all your proof etc and just have a chat about what is possible the only thing it will cost you is your time.
Hope that was of some help.
I recently had a negative response from my bank with regards to my profession.
Despite paying £25-30k into the Halifax in the past year, and having no debts whatsoever, they basically said I was considered more of a risk than someone earning £15000 PAYE with cards up to their eyeballs.
The girl in the Halifax was lovely about it though, she said it's a perfect example of Little Britain's "computer says no" sketch.
Despite paying £25-30k into the Halifax in the past year, and having no debts whatsoever, they basically said I was considered more of a risk than someone earning £15000 PAYE with cards up to their eyeballs.
The girl in the Halifax was lovely about it though, she said it's a perfect example of Little Britain's "computer says no" sketch.
Oh well, cheers for the replies guys, much appreciated!
I'm not in a great position at all then, I have no savings and lots of debt so looks like it's going to take a while. Never mind it's all going in the right direction. Guess my Girlfriend will have to get the mortgage and we'll start off with something small.
I'll let you know how it goes when I start trying to get it sorted.
Cheers again,
I'm not in a great position at all then, I have no savings and lots of debt so looks like it's going to take a while. Never mind it's all going in the right direction. Guess my Girlfriend will have to get the mortgage and we'll start off with something small.
I'll let you know how it goes when I start trying to get it sorted.
Cheers again,
Your best bet may be to try a mortgage broker. Unlikely to cost you any more to set up, but they will likely know if any lenders have deals to suit your circumstances. Your typical high street bank will always play it very safe, but a broker may be able to present your case to a lender in a more favourable way.
Good luck,
ThePom
Good luck,
ThePom