Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader
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@lee-woodman said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
@richard-latimer They will want something because it’s not so easy to get someone out! But the 6 months upfront should massively sway them
It's just what that something is because if you've got around say 5-10K earnt from betfair (starting at £200) is it best to introduce this to the conversation or leave it out?
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@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
Assuming I find a private landlord would you even go into how you are earning? If they've got 6/12 months upfront for a 6/12 month lease surely the rest is window dressing. You're paying for what you have and if you can't pay next year you're out. Or am I simplifying too much?
PL's as long as you are fairly open and on the level, aren't too worried about POE, we have found, they just want the money and usually you are better than the last tenant they had, in our experience
The last time we used a letting agent, we left the place better than we found it, except for 1 tiny bit of aged carpet which was already damaged and the agent attempted to make my wife clean it til I walked in the door and told her to stop, which she did
Leaders are S***e avoid at all costs.
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@richard-latimer They will want something because it’s not so easy to get someone out! But the 6 months upfront should massively sway them
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@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
The overriding theme I'm getting is avoid letting agents, go private but where do I find all these private landlords?
Yeah go Private, Ryan has a good suggestion, and though I detest Face.... my wife found our current and final landlord there
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@ryan said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
@richard-latimer Yes that is one of the first things they go to, but if you explain the situation they'll get it. They might just want to do a couple of extra inspections lol
Assuming I find a private landlord would you even go into how you are earning? If they've got 6/12 months upfront for a 6/12 month lease surely the rest is window dressing. You're paying for what you have and if you can't pay next year you're out. Or am I simplifying too much?
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@ryan said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
@richard-latimer Openrent is a great tool for that, landlords will use that to post their own properties.
Almost no private rental 3 beds round here. Nightmare. Nothing on gumtree either. I registered with openrent for more notifications. If anyone has any other ideas in the meantime add them here.
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@richard-latimer Openrent is a great tool for that, landlords will use that to post their own properties.
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The overriding theme I'm getting is avoid letting agents, go private but where do I find all these private landlords?
Trading Spreadsheet linked below
https://www.dropbox.com/scl/fi/3gnk1vku1krkoyfcq37y6/Trading-Bible.xlsx?rlkey=01eqhp8u73s61iy2s814sqfll&dl=0 -
@richard-latimer Yes that is one of the first things they go to, but if you explain the situation they'll get it. They might just want to do a couple of extra inspections lol
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@dave-hayes where do you find them?
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@lee-woodman said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
Renting shouldn’t be as bad if you are able to pay up front. If you can rent privately then most landlords would be swayed heavily by 12 months up front. If renting through an agent then use of a guarantor may be needed unless you simply declare the earnings as self employed income (ie doing tax returns etc). Alternatively you could get a job for the minimum time required to simply secure the lease, after that they won’t keep checking you’re employed if you are paying the rent
Private Landlords are waaayyy better than Estate Agents who have so many ticky boxes to satisfy, we don't use them, the last time we did, they credit checked the wrong person for my wife and it was hopeless
We have had 3 Private Landlords to rent with and each one without exception has been excellent, our latest one is a Yorkshireman who is just great
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@ryan the last bit of your reply as the most interesting to me as I've read people start thinking cannabis farmers when they get paid upfront.
Like I said to Martin I worked out I'd need a salary of 46k to get a 3 bed. Just not possible haha!
Trading Spreadsheet linked below
https://www.dropbox.com/scl/fi/3gnk1vku1krkoyfcq37y6/Trading-Bible.xlsx?rlkey=01eqhp8u73s61iy2s814sqfll&dl=0 -
@richard-latimer There are lenders out there who will take trading income into consideration but the fees and interest level they want are crazyyyy!
You can declare your earnings and pay tax on them to increase your chances, as long as they don't dog too deep into where the money comes from - which they are doing a bit more now.
Martin's idea of the job front is the smartest as it's not long with pay slips. the house I now live in we got the mortgage a year ago and it was funny my wife took in 3 pieces of paper, I had a bloody file full lol
As a landlord I'd not be bothered if somebody offered a 6 month upfront for a 6 month tenancy, even 6 on a 12 month would work for me!
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Maybe a call to the CAB might be in order. Difficulty at the moment is the actual trading part is purely hypothetical. I don't really know how.much I'll have in 7/8 months although it SHOULD be £1,000's
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@martin said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
@richard-latimer smartest thing to do is declare the income and pay tax for a couple of years if you are after a high mortgage. If it's a low mortgage and you are working a bit that should cover it on a high deposit like you have. Remember you only need 2 months wages in a job or 2 years if self employed, so it may be easiest to just get a job for a couple of months. I did that when I bought my first house in 2013, quit as soon as I had the keys!
Houses round here are sky high and rentals even more. I read that if you offer 6-12 months up front they think it's dodgy. There's also fraud so finders keepers for example insist you have the savings in your bank for 6 months. Not helpful if you need somewhere to stay in the meantime.
Didn't realise you could declare but even that being the case I don't have 2 years.
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@lee-woodman said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
Renting shouldn’t be as bad if you are able to pay up front. If you can rent privately then most landlords would be swayed heavily by 12 months up front. If renting through an agent then use of a guarantor may be needed unless you simply declare the earnings as self employed income (ie doing tax returns etc). Alternatively you could get a job for the minimum time required to simply secure the lease, after that they won’t keep checking you’re employed if you are paying the rent
When buying you could declare it as self employed income but they tend to want years of tax returns so plan ahead. Work out what you need your income to look like to secure the mortgage you want. Another option, probably more complicated and therefore may need advice from an IFA or accountant, is to put it through a company and then pay yourself as an employee, again work out the salary you need to get the mortgage
I'm not ready to buy again yet and trouble is renting is so expensive. There is no way I could get a job in the sort of income I would need for a 3 bed round here on my own. Taking 50/50 custody of the kids is extra complication but is absolutely what I and they want.
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@richard-latimer smartest thing to do is declare the income and pay tax for a couple of years if you are after a high mortgage. If it's a low mortgage and you are working a bit that should cover it on a high deposit like you have. Remember you only need 2 months wages in a job or 2 years if self employed, so it may be easiest to just get a job for a couple of months. I did that when I bought my first house in 2013, quit as soon as I had the keys!
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Renting shouldn’t be as bad if you are able to pay up front. If you can rent privately then most landlords would be swayed heavily by 12 months up front. If renting through an agent then use of a guarantor may be needed unless you simply declare the earnings as self employed income (ie doing tax returns etc). Alternatively you could get a job for the minimum time required to simply secure the lease, after that they won’t keep checking you’re employed if you are paying the rent
When buying you could declare it as self employed income but they tend to want years of tax returns so plan ahead. Work out what you need your income to look like to secure the mortgage you want. Another option, probably more complicated and therefore may need advice from an IFA or accountant, is to put it through a company and then pay yourself as an employee, again work out the salary you need to get the mortgage
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@dan-mackinnon said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:
@richard-latimer £60k you say. Have you ever thought of moving to Middlesborough?
Bit far away for the kids to go between mine and the ex haha
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@richard-latimer £60k you say. Have you ever thought of moving to Middlesborough?
