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  • FIRST POST
    • play4nay2
    • By play4nay2 9th Sep 17, 9:49 PM
    • 2Posts
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    play4nay2
    Buy-to-let mortgage deposit from gambling winnings
    • #1
    • 9th Sep 17, 9:49 PM
    Buy-to-let mortgage deposit from gambling winnings 9th Sep 17 at 9:49 PM
    I have been matched betting/trading for the past 4 years. Alongside regular saving and trading I have amassed 60k. Am looking to get a buy-to-let for a 200k property. I earn 40k/year so I am above the 25k/year salary needed to apply. I need 25% of 200k for the deposit = 50k. I have 5k in my current account and 60k across different betting sites and my skrill account. How do I

    About me:
    I currently have a residential mortgage and am looking to get a buy-to-let mortgage on a 2nd property.
    I have been matched betting/trading for the past 4 years. Alongside regular saving and trading I have amassed 60k which Id like to put towards a 2nd property
    Salary 30k/year
    Current account: 5k
    Betting sites & Skrill: 55k

    Details of the 2nd property
    House price: 200k
    Deposit needed (25%): 50k + 10K (fees/extras)

    Im able to withdraw cash from the skrill card (2k/day) or transfer it to my current account (10k/day)
    Skrill debit mastercard can only send out money to other skrill accounts and any bank account in my name

    Questions:
    Will the lender accept matched betting (gambling) winnings as a legitimate source of deposit funds? I am able to show the skrill statement where all of the deposits and withdrawals have been to and from exchanges (smarkets, matchbook, betfair)


    How do I get the money from Skrill to the lender? Will they accept the skrill statement then give me a week to transfer the money to my current account where it can then be sent to them? What will my current account think of me sending in 55k within the space of a week?

    If the lender disapproves of the money coming from gambling, is there another way I can get the 55k into my current account?
Page 1
    • davidmcn
    • By davidmcn 9th Sep 17, 10:17 PM
    • 6,096 Posts
    • 5,843 Thanks
    davidmcn
    • #2
    • 9th Sep 17, 10:17 PM
    • #2
    • 9th Sep 17, 10:17 PM
    It's probably fine from a money-laundering point of view (though note that you send the money to your solicitor, not your lender, and you'll need to jump through whatever money-laundering hoops your solicitor has). But your bigger problem will be that lenders tend to be twitchy about any significant amount of gambling in an applicant's finances, so you'll probably want a broker to help find a more sympathetic lender (if there are any).
    • ACG
    • By ACG 9th Sep 17, 10:41 PM
    • 15,778 Posts
    • 8,071 Thanks
    ACG
    • #3
    • 9th Sep 17, 10:41 PM
    • #3
    • 9th Sep 17, 10:41 PM
    You need to choose the right lender for this. Some lenders will be fine, some less so, others will be fine assuming they do not know - ie they will not ask and it will not need to be disclosed.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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