Well if I am self employed, they don't give me a mortgage or car finance unless I have 2-3 years proof of income and I don't have that. However, my relatives do have income and they can be approved for the mortgage,car finance
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Trading using a foreign member family account
- Thread starter roca
- Start date
Well if I am self employed, they don't give me a mortgage or car finance unless I have 2-3 years proof of income and I don't have that. However, my relatives do have income and they can be approved for the mortgage,car finance
So, why would they then not just get the house and let you live in it? What's the deal then with trading? Two completely segregated issues how I see it.
Well if I am self employed, they don't give me a mortgage or car finance unless I have 2-3 years proof of income and I don't have that. However, my relatives do have income and they can be approved for the mortgage,car finance
So, why would they then not just get the house and let you live in it? What's the deal then with trading? Two completely segregated issues how I see it.
Yes but why would they buy it with THEIR money? I am the one who wants to make the payments, but I won't get approved if its in my name unless I have 2,3 years of profits. Get it?
So, why would they then not just get the house and let you live in it? What's the deal then with trading? Two completely segregated issues how I see it.
They will also be the ones providing me with the capital, so I will be using their money to trade not mine
Yes but why would they buy it with THEIR money? I am the one who wants to make the payments, but I won't get approved if its in my name unless I have 2,3 years of profits. Get it?
What will happen if they buy the house, you pay the first year and then you wipe out your trading account? Will they pay the loan, or take the loss if the bank sells the house?
If you have no proof for 2 or 3 three years of profit you clearly are a newbie. Better make no expenses that should be covered by potential, hypothetical trading profits. First proof you make consistently more money then you need for the engagement.
No, I don't get it because you stated in your first couple posts that you won't touch a penny from the account of your relatives nor take a profit share. So, just ask your relatives to get a mortgage and buy the house and you can pay them back. Not what I recommend but you asked for whether something is legal or not. The above is legal.
Yes but why would they buy it with THEIR money? I am the one who wants to make the payments, but I won't get approved if its in my name unless I have 2,3 years of profits. Get it?
We call this concept "renting". It's what normal people do when they're in your situation, rather than this convoluted thing you're proposing.Yes but why would they buy it with THEIR money? I am the one who wants to make the payments, but I won't get approved if its in my name unless I have 2,3 years of profits. Get it?
What will happen if they buy the house, you pay the first year and then you wipe out your trading account? Will they pay the loan, or take the loss if the bank sells the house?
If you have no proof for 2 or 3 three years of profit you clearly are a newbie. Better make no expenses that should be covered by potential, hypothetical trading profits. First proof you make consistently more money then you need for the engagement.
ok thanks for your replies
ok thank youNo, I don't get it because you stated in your first couple posts that you won't touch a penny from the account of your relatives nor take a profit share. So, just ask your relatives to get a mortgage and buy the house and you can pay them back. Not what I recommend but you asked for whether something is legal or not. The above is legal.