Mortgage with SFL income

[booyaka]

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.

Nice but sounds like they are dragging their feet for @LeeUK

I look after one individual who won a large lottery win a number of years ago.... Great client, gives me zero hassle and after nearly 18 years they are barely spending their original capital - just happily living off the dividends/interest/profits.

 

[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.

 

[Stu999]

Wouldn’t you say you have an annuity?

 

[LeeUK]

Wouldn’t you say you have an annuity?

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

 

[Syla5]

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?

I would argue that you are technically employed with no job role rather than unemployed with an income. A broker will handle this for you, as its quite a unique situation. The automated response will be because you have said unemployed yet have an income so its conflicting information that needs to be validated.

This is also a case that will get referred to underwriters for additional review and likely requests for evidence to support your situation.

Congrats btw a very nice position to be in.

 

[Jimbeam3678]

Nice but sounds like they are dragging their feet for @LeeUK

I look after one individual who won a large lottery win a number of years ago.... Great client, gives me zero hassle and after nearly 18 years they are barely spending their original capital - just happily living off the dividends/interest/profits.

Big purple company begins with an E

No referrals

 

[el_dazza]

I'd have thought you'd be the ideal client for a mortgage lender! Guaranteed income for another 29 years, a very healthy one at that. Get speaking to a specialist broker and you'll be fine

 

[NZXT30]

I'd have thought you'd be the ideal client for a mortgage lender! Guaranteed income for another 29 years, a very healthy one at that. Get speaking to a specialist broker and you'll be fine

Lenders are beyond dumb which is why they go under or get bailed with taxpayers money. They consider a wage slave that can be fired anytime the most secure income earner out there.

I say dumb but it's probably something more insidious going on.

 

[Azza]

Just ring L&C themselves and ask?

 

[Richie]

I say dumb but it's probably something more insidious going on.

Go on, I'll bite... What "insidious" thing is going on that declined @LeeUK for a mortgage over and above him selecting unemployed on the online form?

 

[chrismscotland]

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.

If its the same firm it was a couple of years ago then yeah its massive! (Used to work for them)

 

[NZXT30]

Go on, I'll bite... What "insidious" thing is going on that declined @LeeUK for a mortgage over and above him selecting unemployed on the online form?

I'm sure there is the optimal borrower that will not overpay but will also not go bankrupt and will end up paying the maximum amount of interest.

 

[SPG]

You need staff, my unsound financial advice is you need to employ a Arch Druid for such complicated things.

 

[gazref]

+8 for broker. Most High street bank applications are very specific about lending criteria and they spazz out at anything that doesn't fit the template. Broker will help put you in touch with the right lenders. If you get stuck try Halifax, they are the go to for contractors and will lend based on day rates

 

[Azza]

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

 

[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!

 

[Efour]

What does FSL stand for?

.. ... Lottery?

SFL lol oops

 

[Azza]

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!

Find a minimum wage 1 hour a month job.

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


Sorted.

 

[Diddums]

What does FSL stand for?

.. ... Lottery?

SFL lol oops

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