Why isn't someone providing mortgages to successful traders

ffsear

Senior member
2,250 496
Don't they check for NI insurance contributions.

Best
John

Sorry, i don't mean "fake" job. But a real job with a mates company, where you don't actually work. Get the payslips, Pay the NI and the tax ANd then once you got the mortgage, pay the salary back. But at least you have the right paperwork .
 

Mr Fox

Established member
510 136
Sorry, i don't mean "fake" job. But a real job with a mates company, where you don't actually work. Get the payslips, Pay the NI and the tax ANd then once you got the mortgage, pay the salary back. But at least you have the right paperwork .

Ah I see.

In that case i stand corrected, and that is an avenue ST could explore.

Best
John.
 

metrader

Experienced member
1,147 141
Because you are one bad trade from humility. The increase to £2750 resulted in my biggest loss to date. I won't be trading at that size till after the summer IA.

You shouldn't trade stakes you're not comfortable with. I always think what I can lose before thinking about any profits. If it's too much, I reduce stake all the way down to the level I feel comfortable with.
 
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Strugglingtrader

Active member
147 9
You not got a mate who runs a business? They give you a fake job, payslip etc etc. (food and beverage manager!) When i got a mortgage all i had to supply was 3 months payslips!


Thanks, I don't really like asking anyone for favors, just believe there should be someone providing a solution. As these 3 month pay slips and a job at a co. which may let you go despite you having done an amazing job for them, is less reliable in my opinion than a traders P&L.
 

Strugglingtrader

Active member
147 9
It's no point asking your broker as unfortunately the only way you can buy a property is via a cash purchase. I'm using Birmingham Midshires as a mortgage is need on my next purchase, and they only consider you once you've owned a property outright for 6 months.

Why not rent somewhere until you can actually afford to buy one.

Best
John

Thanks John, I already own my house outright along with the prop in Dubai, I just don't feel I should have to sell anything to get something as you are in seven figures and someone should be able to lend based on trading P&L. It is more reliable than fake pay slips and working for a large FTSE Plc. these days.
Best
ST
 

NickBk

Experienced member
1,915 500
90 days trading is hardly comparable to a permanent position.
Yes the company may let you go but there is not a huge chance you will work for free for a month or more.
As for a trading p/l I guess you are having a laugh at us all here with that. Any trader would tell you when you have done it consistently for a few years then you might have it cracked.
If 1000 new traders started tomorrow a good number would be ahead in 90 days.

Anyway, yes I bit but for sure you are trying to wind people up here.
 

Strugglingtrader

Active member
147 9
You shouldn't trade stakes you're not comfortable with. I always think what I can lose before thinking about any profits. If it's too much, I reduce stake all the way down to the level I feel comfortable with.

I agree it is all about the loss and exit door for me too, but I like to push myself. I find repeatedly doing something that scares the pants off you, makes you immune to it.
As someone has mentioned on this thread I must have some feeling of inadequacy and want to trade large as I was always the small consistent profitable guy, but never the big trader. I'd like to get to the big consistent trader and the journey is no doubt long and a struggle. That aside I totally agree with you, the small comfortable trades no doubt I maximize my points, just not my P&L.
 

Mr Fox

Established member
510 136
Thanks John, I already own my house outright along with the prop in Dubai, I just don't feel I should have to sell anything to get something as you are in seven figures and someone should be able to lend based on trading P&L. It is more reliable than fake pay slips and working for a large FTSE Plc. these days.
Best
ST

So you already own a property outright, and your broker hasn't informed you that a mortgage can be had if a property has been owned outright for over 6 months. Hmm that sounds strange, however I shall not go as far as Dow Jones and call you out, but would tell you to seek better council.

You own a prop in Dubai, very impressive. I was there at the start of this month, actually I think we may have met, does your firm deal mainly in trading Gold, I thought so,

Is this you...

Struggling trader.png

Go long Habibi

:LOL::LOL::LOL::LOL:

Best
John.
 

Strugglingtrader

Active member
147 9
So you already own a property outright, and your broker hasn't informed you that a mortgage can be had if a property has been owned outright for over 6 months. Hmm that sounds strange, however I shall not go as far as Dow Jones and call you out, but would tell you to seek better council.

You own a prop in Dubai, very impressive. I was there at the start of this month, actually I think we may have met, does your firm deal mainly in trading Gold, I thought so,

Is this you...

View attachment 190590

Go long Habibi

:LOL::LOL::LOL::LOL:

Best
John.

Lol Good one indeed.
I didn't start this thread to talk my book but to get sincere advice. I'm not sure how owning my prop outright (valued @ £750k), helps me get a mortgage for a prop that's worth £1.7.
Anyways, I think the time has come to bow out of this forum as it has not been as rewarding as I would have hoped and it seems to be impacting my trading. I think I rather be the silent type and make the money, than chat and go nowhere fast.
 

Strugglingtrader

Active member
147 9
90 days trading is hardly comparable to a permanent position.
Yes the company may let you go but there is not a huge chance you will work for free for a month or more.
As for a trading p/l I guess you are having a laugh at us all here with that. Any trader would tell you when you have done it consistently for a few years then you might have it cracked.
If 1000 new traders started tomorrow a good number would be ahead in 90 days.

Anyway, yes I bit but for sure you are trying to wind people up here.

You're right, 90 days is meaningless, but I am trying to point at the moon and people keep fixating on my finger.
Take care.
ST
 

drtro

Active member
216 21
I don't know why it's any of their business what you do for a living, as long as you can provide monthly statements proving steady income. I've applied for loans and have never been asked what my profession is. I just check self-employed and show proof of income via my checking account statements. I keep my earnings in my brokerage account and only withdraw exactly $1K every week or whatever I need to pay taxes. I make about the same as you trading /CL, anywhere from $500 to $5,000 a week.
 

alexaherself

Established member
560 149
I don't know why it's any of their business what you do for a living, as long as you can provide monthly statements proving steady income.

Their perspective is that job-security/income-security is highly relevant, and that some professions are much higher risk than others. A long time ago, the value of/equity in the property was the major factor affecting mortgage availability, but the whole climate of lending money has changed, these days, and "ability to repay" is almost everything. Lenders live in fear of borrowers defaulting, partly because legal proceedings to take possession of property can attract awful publicity. The combination of risks of "buy-to-let" (the property might stand empty for long periods) and being self-employed (the income might dry up) typically rings some alarm bells with them. :|
 

drtro

Active member
216 21
Their perspective is that job-security/income-security is highly relevant, and that some professions are much higher risk than others. A long time ago, the value of/equity in the property was the major factor affecting mortgage availability, but the whole climate of lending money has changed, these days, and "ability to repay" is almost everything. Lenders live in fear of borrowers defaulting, partly because legal proceedings to take possession of property can attract awful publicity. The combination of risks of "buy-to-let" (the property might stand empty for long periods) and being self-employed (the income might dry up) typically rings some alarm bells with them. :|

I guess it varies. I'm 21, so you would assume I would be under more scrutiny, but I've never had any issues.
 

Strugglingtrader

Active member
147 9
I don't know why it's any of their business what you do for a living, as long as you can provide monthly statements proving steady income. I've applied for loans and have never been asked what my profession is. I just check self-employed and show proof of income via my checking account statements. I keep my earnings in my brokerage account and only withdraw exactly $1K every week or whatever I need to pay taxes. I make about the same as you trading /CL, anywhere from $500 to $5,000 a week.

Thanks dtro, are you in the US, rules are different here in old blighty, the bank statements are not sufficient, they look at pay slips and P60's. If only bank statements and ability to pay, it would be relatively simple.
I've come to the point that it's not worth looking into and better just to focus on one's trading.
 
 
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