Mortgage of Spreadbetters

This is a discussion on Mortgage of Spreadbetters within the Spread Betting & CFDs forums, part of the Commercial category; Hello all. Just wanted to know how do you get a mortgage from your 'Computer says no' Bank manager. How ...

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Old Aug 18, 2011, 1:52pm   #1
 
fast trader7's Avatar
Joined Feb 2007
Mortgage for Spreadbetters

Hello all.
Just wanted to know how do you get a mortgage from your 'Computer says no' Bank manager. How do you tell him that SB is your only income and you earn more than an average person which he can see through the bank statements.( for e,g money coming from CMC,IG,XYZ...) lets us assume you donot pay any taxes.
Have you got any experiences or suggestion?

Thanks in advance

Last edited by fast trader7; Aug 19, 2011 at 10:18am. Reason: spelling error
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Old Aug 18, 2011, 1:55pm   #2
Joined Oct 2006
Re: Mortgage of Spreadbetters

Quote:
Originally Posted by fast trader7 View Post
Hello all.
Just wanted to know how do you get a mortgage from your 'Computer says no' Bank manager. How do you tell him that SB is your only income and you earn more than an average person which he can see through the bank statements.( for e,g money coming from CMC,IG,XYZ...) lets us assume you donot pay any taxes.
Have you got any experiences or suggestion?

Thanks in advance
Perhaps form a company and trade through it, give yourself a contract of employment and a salary maybe. I havnt done this so I cant say if it will work but might be worth looking into.
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Old Aug 18, 2011, 2:04pm   #3
Joined Apr 2006
Re: Mortgage of Spreadbetters

Just pay a financial advisor to sort it out and there shouldnt be a problem.
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Old Aug 18, 2011, 2:55pm   #4
Joined Oct 2008
Re: Mortgage of Spreadbetters

Something along the lines of a 'self cert mortgage' if they still do them.
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Old Aug 18, 2011, 3:25pm   #5
 
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Joined Feb 2007
Re: Mortgage of Spreadbetters

fast trader7 started this thread They donot do those self-cert. mortgages anymore. do they?
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Old Aug 18, 2011, 3:55pm   #6
Joined Nov 2010
Re: Mortgage of Spreadbetters

I don't know if this would work, but one way might be if you said you were self-employed and that you had a few years of accounts prepared showing your profits over the years.

Even though spreadbetting is normally tax-free, self-employment income isn't, so this is something to bear in mind.
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Old Aug 18, 2011, 3:58pm   #7
 
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Re: Mortgage of Spreadbetters

They won't accept sole trader accounts alone they'll want an SA302 with submission reference too.
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