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?

 

[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.

 

[LeeUK]

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

They did. Big purple company begins with an E.

 

[LeeUK]

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.

Yep the plan would be to have the mortgage paid off early rather than waiting the full term.

 

[LeeUK]

Wouldn’t you say you have an annuity?

Yes I do. Fully guaranteed and 100% FSCS protected.

 

[LeeUK]

Did you manage to speak to a broker to sort you out @LeeUK?

Not yet but I've found a local broker who are part of First Mortgages with good reviews so I'll go and see them when I'm ready.

All the online form ones just give me the generic computer says no because I'm 'unemployed' even after stating my income!

 

[LeeUK]

Find a minimum wage 1 hour a month job.

Monthly salary - £10.42
Other monthly income - £10,000


Sorted.

When I was working 16 hours a week in the slot machine shop early last year, YBS gave me a DIP based on my income from that and wouldn't take my guaranteed £123K a year annuity into consideration.

 

[LeeUK]

I have a couple of contacts who specialise in non-standard mortgages. I've explained your situation. I'll let you know what they say.

Nice one

 

[LeeUK]

Your link in the sig presumably shows your car with the license plate on it.

I recommend you remove it

Sorted.

 

[LeeUK]

One thing i've allways been curious about the set for life game, because you've won an income i presume your taxed on it or is it some how tax free?.

It's a monthly annuity payment so the bulk of the money is already classed as mine. The annuity provider make profit on the money I assume because £14K of it a year is taxed as income but I still get my full £10K each month. In fact I get £10,320.14p a month.