Financial / Mortgage advice

Also struggling to wrap my head around mortgages atm as me and the missus are looking at getting a place.

If we're looking at a mortgage of around £160k and we have a £20k deposit, are we looking at a mortgage of £140k or £160k and if it's £160k are we only repaying the £140k and interest? :confused:
 
Surely you need to concentrate on poker more if you are nicking a grand a month :)
 
DiamondMark said:
Surely you need to concentrate on poker more if you are nicking a grand a month :)
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Seriously been considering it as a full time income, at the moment though, 15-20hrs a week is enough - not sure if I could face 40hrs+ a week purely on poker to match my current wage (with poker on the side). Problem is, mortgages etc - "gambling" wont count as an income so it could cause problems there. If things continue to go well over the years though then it is something I have been considering and if I can move up the stakes making more than ~£15/hr currently then I would love to do it fulltime :)
 
VTR said:
Seriously been considering it as a full time income, at the moment though, 15-20hrs a week is enough - not sure if I could face 40hrs+ a week purely on poker to match my current wage (with poker on the side). Problem is, mortgages etc - "gambling" wont count as an income so it could cause problems there. If things continue to go well over the years though then it is something I have been considering.
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You just need a set of accounts, dosent matter what you do for a living.

That aside, what's stopping you winning double the amount you do or 3 times?

Never gambled in my life know nothing about it.
 
And we have been offered voluntry reduntancy at work, which would give me about 5k (only 24 and been there 7 years). Have been tempted to take it and concentrate on poker full time but it's too much of a risk for me now and I dont think I could face playing 7hrs a day every day. My work is easy at the moment and I also enjoy the social aspect of it :)
 
DiamondMark said:
You just need a set of accounts, dosent matter what you do for a living.

That aside, what's stopping you winning double the amount you do or 3 times?

Never gambled in my life know nothing about it.
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Time more than anything, as I say current earnings are based on 15-20hrs a week which I have been doing consitant the last year or so. Ontop of a 37hr week that's quite a bit. Hopefully if I can continue and increase my bank roll and move up onto higher stakes then I can earn a lot more, then I could consider it as a primary income. I think to do it full time I'd want to do no more than 5 hours a day, 5-6 days a week. Any more I think would be too much personally.
 
VTR said:
Time more than anything, as I say current earnings are based on 15-20hrs a week which I have been doing consitant the last year or so. Ontop of a 37hr week that's quite a bit. Hopefully if I can continue and increase my bank roll and move up onto higher stakes then I can earn a lot more, then I could consider it as a primary income. I think to do it full time I'd want to do no more than 5 hours a day, 5-6 days a week. Any more I think would be too much personally.
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Interesting that, so its lack of stake money holding you back? And time of course.
 
DiamondMark said:
Interesting that, so its lack of stake money holding you back? And time of course.
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At the moment I keep my bankroll at a level high enough to play on the tables I currently do. What I make each month I take out and spent as a "2nd income" so to speak. What I should do is keep it in and try to move up and earn a more substantial amount. I've have no need to though, managed to live on my own fine, pay for my car each month and I've been away atleast once a month in the UK plus had a weeks holiday in Magaluf the summer :)

Now that I'm fed up of essentially throwing money away renting though I'm moving back home and taking a step back to look at my financial situation :)
 
VTR said:
At the moment I keep my bankroll at a level high enough to play on the tables I currently do. What I make each month I take out and spent as a "2nd income" so to speak. What I should do is keep it in and try to move up and earn a more substantial amount. I've have no need to though, managed to live on my own fine, pay for my car each month and I've been away atleast once a month in the UK plus had a weeks holiday in Magaluf the summer :)

Now that I'm fed up of essentially throwing money away renting though I'm moving back home and taking a step back to look at my financial situation :)
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Nice one, good luck with everything :)
 
VTR said:
Cheers mate, how's the car business going?

(wouldn't be interested in a 53 Focus RS for 6k would you? :p)
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My son is being an arse, he's suddenly found new interest in diamonds because he can earn 1500 quid a week this time of year, so hes lost interest in our other little venture with the cars.

Im not even raising my blood pressure this time, this is my new approach, if he hasnt put his back into it by xmas he can stay where he is and i will get someone else in.

Bane of my life that kid.
 
DiamondMark said:
My son is being an arse, he's suddenly found new interest in diamonds because he can earn 1500 quid a week this time of year, so hes lost interest in our other little venture with the cars.

Im not even raising my blood pressure this time, this is my new approach, if he hasnt put his back into it by xmas he can stay where he is and i will get someone else in.

Bane of my life that kid.
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ahhhh I know only too well how it's easy to spend money like there's no tomorrow and put no value on it when it's easy come easy go! Sometimes wish I didn't have the poker money also, would stop me blowing so much cash :p My bank account has been regular at 3k in/out the last 6 months, stupid really I could have saved so much.
 
cheets64 said:
Kids these days, they want the top of the range car and a house, I drive a 8 year old Yaris and does me fine.
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That would do me fine, I've had 2 KA's, 3 Saxos, 2 Clios and a few fiestas over the years as run arounds (whilst making a bit on them on the side :p)
 
cheets64 said:
Then why take £13k out for a Corsa VXR
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He's already got it, he presumably did it because he wanted it and could afford it. He's already said he'll get rid of it before buying a house. Don't see the problem with that - if a car is simply transport then an 8 year old Yaris is fine, if its a hobby though you'll want something good. You wouldn't take up golf and play with fisher price clubs, for example.

Everyone has different interests. I'm sure you have a hobby you spend money on. If he was trying to buy a house on his wage AND keep his car then fair enough but he doesnt appear to be doing that.
 
[TW]Fox;17847075 said:
He's already got it, he presumably did it because he wanted it and could afford it. He's already said he'll get rid of it before buying a house. Don't see the problem with that - if a car is simply transport then an 8 year old Yaris is fine, if its a hobby though you'll want something good. You wouldn't take up golf and play with fisher price clubs, for example.

Everyone has different interests. I'm sure you have a hobby you spend money on. If he was trying to buy a house on his wage AND keep his car then fair enough but he doesnt appear to be doing that.
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Yep got it in one, car's have always been a hobby and interest of mine and a "new hot hatch" was another to tick off the list so to speak. Driven a few before (172/182, Fiesta ST, 306 GTi-6) but always liked the VXR's since they came out in 07. Found myself in a position to afford one (all be it on finance) so went for it :) Wouldn't finance an almost new car for this much again but no regrets.
 
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