Hi All, So I have never had a loan and have little idea how it works other than what i have learnt from the hours I have spent reading on here. Thanks to all! The issue that I have, is that I earn a modest wage, but earn some extra as a gambler. I assume anything that I earn gambling will not be taken into account for serviceability, and frankly, I'm happy with that, given the nature of the business, although would love to hear any thoughts to the contrary. My problem is, my lifestyle expenses are more in alignment with my overall income(including gambling profits), than my actual taxable income. Will the banks realise this? or will they just say that my expenses are too high? If I opened a separate bank account, for my gambling income and lifestyle expenses, would the banks need to know? Any thoughts on how to best go about getting a loan would be appreciated
whats the tax returns show? I doubt they will take gambling income, even where you have 2 years of tax returns showing good profits.
A punt account with large volumes flowing through it is usually a negative, not because u cant make it work, but because the majority cant. Might be a good idea to have a chat with a broker to see what the best options are, and to mitigate the potential punt issues ta rolf
Thanks for the replies. I make a pretty consistent profit gambling with my net worth growing at a steady enough rate. Would the banks have to know about a dedicated gambling account, which I could then use to fund my extra lifestyle expenses, leaving my wages and daily expenses in a dedicated account, which would leave me with no problems. I'm concerned that they will only look at the expenses and not realise that if I didn't win that money, I wouldn't spend it.
Id go the clean approach with full disclosure.........esp if the deposit is less than 20 %, and mitigate the concerns with evidence. Data over assumptions - thats the scientist in me ta rolf
I should point out that this has become more of a concern since covid, where cash transactions are much harder to make and everything I spend and earn shows up on a statement. Thanks Rolf, Deposit will be over 20%. I have the ability to basically buy a suitable property with cash or at least 80% if I push for a better place, but I don't think that's the smart way to go. Also what timeframe of bank statements are required? Is it 3 months? I just want to line the ducks up for when I'm ready to go, which all being as expected will be end of year. Thanks
Just need to make sure its done properly. Cash transactions tend to make things look more dodgy than they really are, and under FTRA regs lenders get onto the scent pretty quickly ta rolf
