Sb and credit stuff

[donovan5]

Just wondering anyone who uses spreadbetting as their main source of income how does this affect you in regards to applying for loans,mortgages etc as presumably you have no usual statements too show.

 

[Vaco]

will be extreamly difficult to get any kind of credit as you effectively have no income. it's like going to the bank and saying you make your money on the horses every week, they wont touch you.

You will still be able to get a mortgage if you can provide your bank statements showing money going in every month but it will not be at reguler jo rates. you will pay through the nose for it.

 

[donovan5]

Thanks,I'm a way off from that stage anyway but having got to the stage where my account is actually growing now it's something I was thinking about for the future.
I still have the day job so if I needed to I'd probably apply before quitting that.

 

[£10kLoser]

You can get 'self certified' mortgages without having to show any proof of income - just a letter from an accountant 'friend' to confirm that you make sufficient money to pay.

Loans for anything other than house purchase are not a good idea anyway since part of a wise trader's philosophy should be to live debt free!

 

[Splitlink]

You can get 'self certified' mortgages without having to show any proof of income - just a letter from an accountant 'friend' to confirm that you make sufficient money to pay.

Loans for anything other than house purchase are not a good idea anyway since part of a wise trader's philosophy should be to live debt free!

Take it from an Oldie. Stay away from debt. I have never carried a Visa. My wife keeps one for car hire (Avis won't take cash), flights have built in insurance. stuff like that. I have a store card that gets paid off every month. It can be a bind not being able to buy online, sometimes, but I prefer the alternatives.

 

[Trader333]

You can get 'self certified' mortgages without having to show any proof of income

I think that the new rules coming in mean that this is not possible any more.


Paul

 

[Splitlink]

I think that the new rules coming in mean that this is not possible any more.


Paul

I should hope not. otherwise New Labour has been spinning us a load of BS.

Not that that would surprise me.

 

[donaldduke]

Just wondering anyone who uses spreadbetting as their main source of income how does this affect you in regards to applying for loans,mortgages etc as presumably you have no usual statements too show.

This was not a problem three years ago when Self cert mortgages were widely available.

If you are a day trader then you might consider going direct access and start a ltd company.

The tighter spread will make up for the 21% corporation tax you will have to pay.

However if you are a longer term trader you will be worse off.

You need 1 to 3 years worth of self employed/ company accounts to get a mortgage. Depends on the lender.