Associate
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.
Mortgage with SFL income
- Thread starter LeeUK
- Start date
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.
Soldato
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?.
Soldato
Your link in the sig presumably shows your car with the license plate on it.Nice one
I recommend you remove it
Sorted.Your link in the sig presumably shows your car with the license plate on it.
I recommend you remove it
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.
Soldato
- Joined
- 29 Jul 2004
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- 7,077
What an awesome position to be in, congratulations
Associate
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- 5 Nov 2005
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I have been reading this and really think now you have £10k a month you need a full life replan as in why would you buy a house where they have slot machine shops and only certain bits of town are nice....why not move somewhere actually nice....just think you need to think bigger....
You have the world at your feet.... don't waste the opportunity mate....
You have the world at your feet.... don't waste the opportunity mate....
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Soldato
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- 22 Nov 2007
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Maybe he is happy where he is
Caporegime
Incredible Lee. Well done and enjoy your life not being a wage slave.
I would be travelling a hell of a lot in this situation.
I would be travelling a hell of a lot in this situation.
Or just pay yourself a 'wage' from the 10k a month, say 2k to live on, 1k to put into savings /pension/investment portfolio. ..
Then in 3 years time you'll have built up a 'spare' 250k (more if your investing the 7k every month even if it's just low risk stuff) and just buy a place outright?
Sounds like you need a proper financial adviser/planner rather than simply getting a mortgage.
Of course you'll easily be able to get a mortgage if you go through a broker rather than an automated application as mentioned above, but it's not nessesarily the most efficient way of going about things.
A good adviser will be able to look at your bigger picture and long term goals.
For example... Even if you get a mortgage at 5k a month you'll be paying say 4% interest and might not be able to over pay much if you want to...
Whack that money into fixed 2 year savings or whatever and you'll be making 4%+ rather than paying 4%!
EDIT, what I'm trying to say is you have a LOT of options with that sort of income, and taking on debt doesn't really sound the most efficient way of doing things.
Then in 3 years time you'll have built up a 'spare' 250k (more if your investing the 7k every month even if it's just low risk stuff) and just buy a place outright?
Sounds like you need a proper financial adviser/planner rather than simply getting a mortgage.
Of course you'll easily be able to get a mortgage if you go through a broker rather than an automated application as mentioned above, but it's not nessesarily the most efficient way of going about things.
A good adviser will be able to look at your bigger picture and long term goals.
For example... Even if you get a mortgage at 5k a month you'll be paying say 4% interest and might not be able to over pay much if you want to...
Whack that money into fixed 2 year savings or whatever and you'll be making 4%+ rather than paying 4%!
EDIT, what I'm trying to say is you have a LOT of options with that sort of income, and taking on debt doesn't really sound the most efficient way of doing things.
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Associate
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- 5 Nov 2005
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Fair enough....it's just he is earning the equivalent of someone with a pay packet of over £200k and you have to think how many people earn that around his arena and what affect that has on the services and entertainment and quality of life options available....
That type of thinking often leads to Lifestyle creep and trying to keep up with the Jones. Which could ironically lead to him being in a worst financial situation. See all the past lottery winners who are now bankrupt.
Associate
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Hmmm might also be that type of thinking keeps people down....
Much rather be in smallest house on a lovely road in a lovely town then the biggest house in a hole....
Soldato
Just avoid these mistakes
Revealed: 'Lotto Lag' ended up homeless after blowing £6.5m jackpot
Lee Ryan, 63, made history in 1995 as the first Lottery winner to be serving a jail sentence and later went on to label the £6.5million jackpot 'a curse'.
Associate
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Debt is not bad unless it's spent on depreciating assets....
You have to consider that house prices can go up a lot over 3 years so you need to time these things quite well to really be better off with the cash interest build up option....
Caporegime
123k a year tax free? 
Time to move to a cheap 3rd world country and invest in ladyboys.
Nicely done btw good for you!
Time to move to a cheap 3rd world country and invest in ladyboys.
Nicely done btw good for you!
Very unlikely in the current climate! And why pay interest on a huge debt when you can be earning a guarenteed interest rate & supercharging your retirement fund at he same time?
All whilst paying himself monthly pocket money to live on..2k a month should be loads if he owns his current house outright.
But anyway, that's why the OP really needs to speak to a proper advisor/planner.
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Associate
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Agree he needs some proper advice.... depression on that £10k a month will be pretty significant...in 20 years that won't sound like much a month....