Advice, starting to save for mortgage

bren51

Hi there, lurker for a while & new poster here. Just looking for a bit of general advice.

We are a couple, recently married and looking to start saving for a mortgage. We're mid thirties, not in a rush to buy a place but do want to start saving. We have a couple of things going for us, and a couple of potential negatives. We both have a good income. No debt or loans, reasonable rental situation. One is self employed in the betting industry, with some freelance work combined with quite a bit of (profitable) betting and trading activity (hence lots of paddy power / betfair deposits on my personal account). Around 40k P.A. Other half has a similar income from a more regular full time job.

Really we're looking for a five year plan with regard to our savings (to perhaps buy in 4-5 years time). We have a few grand left over after the wedding, with good capability to save. Mortgages are something we don't have particular experience with, though, so there are a few questions we're trying to find the answers to.

1. The self employed & indeed the betting thing. Would we be better off saving together, but applying for a mortgage in the name of the partner with the "regular" job?

2. Returns on savings are obviously pretty lame. Given our timeframe, would it make sense to part save, part invest? Or are we better off with one savings account with steady savings going in over a few years?

3. Probably a stupid question, but where's the best place to save anyway? We have a joint credit union account, should we now be looking at a joint bank account with a potential mortgage provider? It's hard to know who will be offering decent terms in a few years time, or even if it might be possible to get a mortgage from a foreign provider at that time.

Probably pretty rookie questions, but any help would be great! Thanks.

ifeelstupid

Joint bank account and show regular (monthly or weekly) rent payments going out. Also if you have a car loan get it paid off before any mortgage application. Pay off any credit card debts too. I have no recommendations re where to save but also sho this being transferred on a regular basis

catrionanic

Start documenting your regular monthly savings by opening a joint savings account, and try never to withdraw from the savings.

If you’re self-employed, they will want to see two years of accounts which show fairly stable earnings with no gaps. It’s unlikely they will be happy to take the earnings from bettings into account, given the high-risk nature of it. In fact it’s quite likely they will not wish to lend at all to someone who is gambling regularly. I would strongly advise you seek professional advice on this.

Don’t worry about opening an account with a particular bank. Their rates are always changing, and it doesn’t really matter anyway.

punisher5112

Banks will turn you down if one has an online betting account.

bren51

Thanks for the replies, appreciate them!

Yes, I'm familiar enough with the stigma about online gambling. One thing I can produce is spreadsheets detailing method and profitability over the course of years, and letters from bookmakers limiting my accounts due to "trading decisions". Whether it is of any help or not, I don't know, but it's a part of my income and my job so there's no point pretending otherwise.

I had wondered if any particular bank was best, but fair point re: the rates changing all the time.

phormium

Pretty much irrelevant where you save as you won't build up any loyalty points from the lender just from having your savings with them.

You won't have the option of applying in a sole name for a mortgage on a family home, if married it must be in joint names.

Wheety

You say self employed in the betting industry, do mean 'professional gambler'? Or do you make money doing something else?

I can't see a bank touching you with a barge pole if you come in with spreadsheets of your gambling history. They won't really care about previous success or any method you may have.

Squatman

Hi OP, newly into the world of mortgages, -moving into new home in new year. But i would advise that you contact a local mortgage broker. we did that in galway, and, whilst the terminologies and processes arent terribly difficult, they are all foreign to me. The mortgage broker works off comission from the lending banks that they deal with, and in general, offers several difffernt options for mortgage, and would be in the best position for helping ensure you are mortgage ready - ie. all the deliverables, and probably the best way to publish your earnings to ensure successful application.
Of interest to me, is what your actual profession is - how do you make your money, and since you say that bookmakers limited your account due to trading decisions - this would suggest that you are quite successful at what you do. Would you be interested in selling your predictions to someone like me for a percentage of the profits ?

bren51

With respect, I'd be keen not to turn it into a thread about my profession! Suffice to say a lot of my income comes from my betting.

I had thought of contacting a broker, so I'll look into that at some stage Squatman.

Merowig

https://www.independent.ie/business/personal-finance/property-mortgages/online-gambling-might-harm-mortgage-chances-30138464.html

Small chances I would say, even via a broker.

My advice would be to get a proper job and do what you do on a side using only cash transactions...
Would love to see the face of the clerk when he sees on the application form under occupation: "self employed in the betting industry".

Squatman

bren51 wrote: »

With respect, I'd be keen not to turn it into a thread about my profession! Suffice to say a lot of my income comes from my betting.

I had thought of contacting a broker, so I'll look into that at some stage Squatman.

Its unfortunate then that you brought it up, especially when its so pertinent to your application.

bren51

I guess so Squatman, it was really only 20% of my post though, I didn't want it to be the main concern, that's all. I appreciate the time taken to reply, thanks!

Merowig

bren51 wrote: »

I guess so Squatman, it was really only 20% of my post though, I didn't want it to be the main concern, that's all. I appreciate the time taken to reply, thanks!

It might be though the main reason you will find it difficult (or impossible) to get what you want.

Squatman

bren51 wrote: »

I guess so Squatman, it was really only 20% of my post though, I didn't want it to be the main concern, that's all. I appreciate the time taken to reply, thanks!

If you can convince your broker or banker not to hone in on it you will be laughing