Mortgage Eligibility

House01

Hello All,

I've searched the forums and the internet but cannot seem to find a definitive answer - I hope you guys can help me out!

I'm looking to get a mortgage in a couple of years time but am worried about my past activities.

I got involved in on-line gambling when I was made redundant in early 2010. I ended up losing £3,000 in a couple of months. (I know this is awful). This blew the majority of my money/savings. I did not get behind in any credit card payments or in any "debt". I've not gambled since.

My question is will the mortgage brokers be able to pull this info up?

I currently have no debt on either of my credit cards / current account and have my small deposit saved away. (15k ) My credit score on experian is ~900.

It's been on my mind and deeply worrying me as my current partner knows nothing of my "two month blip". Will this come up? could this cause me trouble?

If anybody could help answer this question is would be much appreciated.

Many Thanks,
House01


EDIT: If you need any more information please tell me.. I'm new to this

holly_hobby

The fact that you like a flutter and spent a good chuck of your own monies doing this, is your own business - and no the lender can't find this type of info out.

I am glad that you have realised its generally a mugs game, with only one winner, and have managed to save a good deposit.

Lenders ( finance wise) when conducting status checks, assess salary, o/s dets, any adverse credit data i.e defaults, ccjs, bankruptcy orders, previous repossessions.

No where on any credit ref checks will it reveal you were a little silly in gambling your own savings away ... so fret not. (but don't do it again .. !!! )

Hope this helps

Holly

House01

Thanks Holly,

That's reassuring - Can anybody back this up / confirm this?

It was very silly and I learnt my lesson quickly.

I should be honest and tell my current partner but I'm too embarrassed. I just don't want it to come out from the Mortgage broke. (I'm not after relationship advise here).

I've built a nice little deposit and hope to add a bit more in the next year or two.

DVardysShadow

House01 wrote: »

...
I should be honest and tell my current partner but I'm too embarrassed. I just don't want it to come out from the Mortgage broke. (I'm not after relationship advise here).

No point telling you what you already know. But you are right.

kingstreet

As far as I'm concerned, you can do what you want with your money.

As your mortgage adviser I would recommend you do not do any gambling which would show on a bank statement from the three months running up to making a mortgage application to the point you complete.

It may have no impact whatsoever, but if your case is pulled for audit and the lender is looking for a reason to withdraw your offer, it seems prudent to not serve them something up on a platter.

Cynical, moi?

giffen

House01 wrote: »

I should be honest and tell my current partner but I'm too embarrassed. I just don't want it to come out from the Mortgage broke. (I'm not after relationship advise here).

I think it's worth the risk...the chances are it won't come up. In the unlikely event it does come up you'll have to come clean but I think it's a risk worth taking. I understand your predicament! Let us know how it all works out :-)

House01

Thanks all - could a mortgage adviser on these forums clear this up for me?

Like I said I've done no gambling recently - it will only appear on my bank statements in early 2010. The mortgage lenders/brokers can't access this can they? Unless they ask to see my bank statements for the past few years.

I would like 100% assurance it wont come up... although I don't think you can give me that .

kingstreet

I cannot foresee any circumstances in which a lender could find out if you choose not to tell them.

KingElvis

Unless you choose to borrow from foxy bingo, william hill or any of the other online crooks.

Glad you learned the hard way, it's far more likely to stop you blowing money again with these obvious scams.

hcb42

it's your money, you can spend it how you want! If you didnt borrow money, then there is no problem 1000s of people gamble in casinos etc every day.

I would make sure there was no reference on last 3 months bank statements though. No need for anyone else to know

KRB2725

I doubt any mortgage provider will want bank statements from over a year ago.