Mortgage with SFL income

[LeeUK]

Thinking about applying for a mortgage to buy a new property, looking at detached houses with plenty of off road parking in nicer areas around my town. Haven't made my mind up if I want to move yet but if I do I won't be selling my current house as it's owned outright, will prob just let it out.

Filled in the mortgage form on L&C and the computer came back with an automated no. I assume this is because I am technically unemployed even though I have a £123K income a year from my SFL winnings.

Therefore will it be possible for me to get a mortgage at all?

 

[Ayahuasca]

Yes, you'll just have to go through it in person, or at least over the phone.

 

[Richie]

Thinking about applying for a mortgage to buy a new property, looking at detached houses with plenty of off road parking in nicer areas around my town. Haven't made my mind up if I want to move yet but if I do I won't be selling my current house as it's owned outright, will prob just let it out.

Filled in the mortgage form on L&C and the computer came back with an automated no. I assume this is because I am technically unemployed even though I have a £123K income a year from my SFL winnings.

Therefore will it be possible for me to get a mortgage at all?

Yes, I would visit the lenders with proof of winnings.

 

[Richie]

As an OT question (and if you dont want to say, thats not an issue) - Have you changed much in your lifestyle due to the SFL prize?

Have you given up work (will the 30 years take you to retirement age)?
Are you paying into a pension?
Is life generally just a lot easier but hasnt changed much?

 

[dlockers]

Get a broker. They will take all the headache out of it for you.

 

[Bassmansam]

What an amazing position to be in..

Did you get that arcade job @LeeUK

 

[peterwalkley]

You likely want something more specialist than the generic mortgage providers as your income is guaranteed so you should be able to get a better interest rate than us working peasants who may end up unemployed at some stage of a working life. Did national lottery not give you advice or people to contact - or is that only for winners who've gone public ?

 

[EddScott]

Thinking about applying for a mortgage to buy a new property, looking at detached houses with plenty of off road parking in nicer areas around my town. Haven't made my mind up if I want to move yet but if I do I won't be selling my current house as it's owned outright, will prob just let it out.

Filled in the mortgage form on L&C and the computer came back with an automated no. I assume this is because I am technically unemployed even though I have a £123K income a year from my SFL winnings.

Therefore will it be possible for me to get a mortgage at all?

Interesting one.

I would go to a mortgage broker - they may well know who will be more inclined to lend based on your format of income.

I've often wondered how lenders would treat someone who won SFL.

 

[booyaka]

Get a broker. They will take all the headache out of it for you.

This - Most providers will instantly "no" based on the fact you have no "earned" income and no job.

Speak to a broker/get a recommendation for someone to help take all the hassle out of it for you.

 

[Semple]

As others have said, broker would be your best bet.

 

[LeeUK]

As an OT question (and if you dont want to say, thats not an issue) - Have you changed much in your lifestyle due to the SFL prize?

Have you given up work (will the 30 years take you to retirement age)?
Are you paying into a pension?
Is life generally just a lot easier but hasnt changed much?

I've given up work and the 30 years will take me up to nearly state pension age but the plan is to still have investment income coming in well into old age. Life hasn't changed much but I no longer worry about money.

What an amazing position to be in..

Did you get that arcade job @LeeUK

I did get that arcade job, did it for 5 months and packed it in last March. I've not worked since.

You likely want something more specialist than the generic mortgage providers as your income is guaranteed so you should be able to get a better interest rate than us working peasants who may end up unemployed at some stage of a working life. Did national lottery not give you advice or people to contact - or is that only for winners who've gone public ?

They put me in touch with a personal wealth/financial planning company but no advice on mortgages.

 

[jeffk]

I’m surprised that Winalot didn’t put you in contact with a sound financial advisor.

 

[dlockers]

Lee I think I should be your life coach tbh

 

[200sols]

I won £5 on SFL last night so yeah, I can understand the complexity of it all.

 

[jaybee]

Googles SFL prize winner to see what it is....
Set for life winner. Lottery pays you 10K a month for the rest of your life?
Wowzers.

 

[EddScott]

personal wealth/financial planning company

Nice gig for that firm. Pre-warmed clients with shed loads of money.

I'm in the same game so can imagine how much money that company must be bringing in.

 

[booyaka]

I’m surprised that Winalot didn’t put you in contact with a sound financial advisor.

Referrals (business to business) are an ongoing source of concern for FCA - Business need to do due diligence on the company they are referring to / keep a record etc - sometimes more hassle than it's worth. Referral fees/sharing of fees etc is a very big concern for the regulator. They would prefer if clients took their own advisor on etc.

Also mortgages are generally more specifically done by mortgage brokers these days - lots of financial advisors won't do mortgages (too much time and hassle for very little return unless doing bulk numbers)

 

[topgun06]

Googles SFL prize winner to see what it is....
Set for life winner. Lottery pays you 10K a month for the rest of your life?
Wowzers.

For 30 years. But still, wow

 

[Richie]

I've given up work and the 30 years will take me up to nearly state pension age but the plan is to still have investment income coming in well into old age. Life hasn't changed much but I no longer worry about money.

Nice one... SFL is plenty to have a good life as well as invest some of it to set you up after the 30 years end.

Also good that its a confirmed "income" every month to fall back on whereas a full £3.6m win can be splurged and its gone.

 

[Puzzled]

Can't see why you'd be refused a mortgage, you have a guaranteed income for the next 30 years so very little risk.

A broker should find you something suitable. If you aren't spending a lot you could have it paid off in a few years.