Trying to get mortgage loan as full-time trader

doesn’t work if you own the corporation
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Mate, I don't think that he's the owner of any corporations yet. Anyway, I must admit that he surely can get mortgage loan even if he's a trader. Why not? If he has a good deposit he can get mortgage with kind of 40-45%. However, he doesn't need to forget that they will need to submit a full tax return. If it is not paid somewhere, then it will be a problem. If he's not sure, he can ask Mortgage Advisor Leicester for help or any advice. I have been contacting him on various issues for several years and have always received high-quality services.
 
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EvanBourne said:
Mate, I don't think that he's the owner of any corporations yet. Anyway, I must admit that he surely can get mortgage loan even if he's a trader. Why not? If he has a good deposit he can get mortgage with kind of 40-45%. However, he doesn't need to forget that they will need to submit a full tax return. If it is not paid somewhere, then it will be a problem. If he's not sure, he can ask Mortgage Advisor Leicester for help or any advice. I have been contacting him on various issues for several years and have always received high-quality services.
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i was just making the comment that if you own a corporation, paying yourself a salary doesn’t qualify as w2 wages the way working for someone else’s company does.

banks (at least in the US) treat your w2 wages as business income if you own more than 20percent of the company paying you the wage.
 
Why do you want a bank and not a mortgage company? In my opinion, mortgage companies have much more loyal terms for payments.
 
lawrence-lugar said:
Just wait till you're really profitable as a trader...and buy the house with 100% cash up front.

You currently have 2,666 posts. -- This is like the 3'rd 666 I saw online within the past 20 minutes. :wtf:
The other occurrences were within an eBay item number, and YouTube video count.
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Not sure on this one. If I were truly a successful trader then conventional wisdom would tell me (bear with me):

Let's say I net average 20% ROI annually with my skills and have built up a substantial net worth of $30 million and just want to buy a $100,000 house. Sure I could buy it flat out with no interest rate and it would be a drop in the bucket. However, as a successful trader and manager of my money I could take out a 30 year mortgage at 3% interest and drop that $100,000 in a half ass investment fund with a historic 10% ROI.

At the end of 30 years I'll have paid just shy of $52,000 in interest on that $100,000 mortgage for a total of $152,000, but my $100,000 principal in that 10% fund will be worth just shy of $1,175,000. Not a bad trade off. Just imagine if I traded that $100k with my 20% ROI skills. That comes out to just shy of $24,000,000. If I were really tenacious I could rent that property out the entire time at a price that not only pays my mortgage payments, but creates enough cash flow for maintenance and all other costs giving me a free property with rising equity to sell off in the end.

The truly successful trader will let their money pay for both the asset and liability costs associated with that asset through trading/ investing the principal, rather than outright buying imo. But I know you were just being cheeky with your comment . This was more aimed to help instill some money management tenets into noobs that lurk these forums.
 
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FSU said:
This can be a big issue, even for a consistently profitable trader, depending how you treat your income. If you elect to be an 'investor' on your tax return, the bank may not look at this income. Smaller, local banks seem to have the ability to look at the bigger picture and approve a loan here as opposed to the larger banks who may have more rigid requirements.
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%%
TRUE + or mortgage co;
+ sounds like he found some banks that dont want to do business with him. So live + learn.
I just remembered a banker that said once ''i dont like your income, one of the 3 years'' i said i don't either, but i'm responsible for it'' I decided not to fill out his loan application LOL:D:D .
I remember my banker dad telling me as a kid /the banks want to lend you money so pay them back- obviously it has to be mutual agreement:caution::caution:
 
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