Mortgage of Spreadbetters

[fast trader7]

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

 

[pboyles]

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.

 

[the hare]

Just pay a financial advisor to sort it out and there shouldnt be a problem.

 

[neil324]

Something along the lines of a 'self cert mortgage' if they still do them.

 

[fast trader7]

They donot do those self-cert. mortgages anymore. do they?

 

[hacks]

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.

 

[scose-no-doubt]

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