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Thread: Need help with portfolio in unique circumstances

  1. #1

    Need help with portfolio in unique circumstances

    Hello, I am in a fairly unique situation, where I have the foundations (financially) but not the eligability to expand. I'll give an overview of my situation, and any help from those more knowledgable than me would be much appreciated.

    I play poker for a living, generally online. It has been a good income for me (50-80k a year) although due to time off, living abroad (not now) etc my pay has been irregular and unreliable as far as banks or lenders would consider it. I am 29.

    I currently live in a mortgage free apartment worth 280,000, where on the deeds I own 10% and my mother the other 90%.

    We jointly own a flat that we currently rent out, worth 100k

    My mother owns a Spanish villa worth 180,000, although this is hard to estimate given the current Spanish housing problems. She has a pension income (although not significant) and savings of 50kish. She is a Spanish resident although has UK income. I have around 90k of savings.

    Could anyone give me advise on my best options? My ignorant (as of now) aim would be to get as many BTL mortgages as possible, however that could be achieved using any of the above. My income obviously would mean I would be pretty comfortable with any risk. But the 'no income' thing seems to work against me.

    One stumbling block I have to consider is the Spanish tax situation, as having too much capital gains or income for my mother would result in large taxes.

  2. #2
    You might find some helpful suggestions in the forums at Property118 or PropertyTribes.

  3. #3
    You are too young to be making only negative contributions to the welfare of the human race.

    If you go into borrow-to-buy-to-let in the UK now you will soon be a busted flush. Some would say deservedly.

  4. #4
    You have enough ability to make a good income from playing poker !!!
    and the advice given is to get a 9-5 soul destroying k**s a** job.
    Why can't you slowly increase your stakes and double/treble your
    income and then save approx. 70% of your income until you can
    buy a property with 100% cash. If you have the mental discipline
    required to win at poker, then you should be able to have enough
    discipline to budget and save.

  5. #5
    Criteria for buy-to-let differs from lender to lender but it is quite common for lenders not to have a minimum income requirement as long as you are in receipt of earned income or pension income , registered for UK tax and the source of the income is from the UK and you own and live in a property in the UK .
    Minimum deposit is 20 percent
    Hope that helps

    =Paul Coles;24222]Hello, I am in a fairly unique situation, where I have the foundations (financially) but not the eligability to expand. I'll give an overview of my situation, and any help from those more knowledgable than me would be much appreciated.

    I play poker for a living, generally online. It has been a good income for me (50-80k a year) although due to time off, living abroad (not now) etc my pay has been irregular and unreliable as far as banks or lenders would consider it. I am 29.

    I currently live in a mortgage free apartment worth 280,000, where on the deeds I own 10% and my mother the other 90%.

    We jointly own a flat that we currently rent out, worth 100k

    My mother owns a Spanish villa worth 180,000, although this is hard to estimate given the current Spanish housing problems. She has a pension income (although not significant) and savings of 50kish. She is a Spanish resident although has UK income. I have around 90k of savings.

    Could anyone give me advise on my best options? My ignorant (as of now) aim would be to get as many BTL mortgages as possible, however that could be achieved using any of the above. My income obviously would mean I would be pretty comfortable with any risk. But the 'no income' thing seems to work against me.

    One stumbling block I have to consider is the Spanish tax situation, as having too much capital gains or income for my mother would result in large taxes.[/quote]

  6. #6
    With regards to income, a bank will certainly not regard this as regular income.

    It was in the news recently - a rich poker player didn't have to provide for the outgoing spouse, as his income isn't regarded as regular enough. If a judge feels like that, it's 10-1 that the money men do too.

    Also in the news today are calls from Europe for Cameron to get a grip on the BTL bubble.

    It IS a bubble so I'd not be spending on housing unless it's a) in the North, as no bubble exists here, or b) I can afford to take a long term view.

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