Mortgage help- online gambling

ValHaller

Ccfc88 wrote: »

£100 pound a month loss

Someone once said that gambling is a tax on being poor at maths.

macman

Thrugelmir wrote: »

Presumably when your friends give you the cash back you pay into your bank account?

Also the winnings are credited back into your bank account?

A lender may feel that you aren't financially disciplined enough to manage a mortgage. As that's £400 per month you could be saving.

No it's not. The OP is simply using placing bets on behalf of others, and being repaid in cash. It's not his money he's gambling. As long as he can show that that £400 is being received back (presumably by paying it back in to an account and having statements to demonstarate that), then I can see no reason why it should have any impact.
Lenders are not moral arbiters, they simply want evidence that the borrower can service the debt. Subject to that, he can spend £400 a month on Mexican dancing girls if he wants to.

kinh

Ccfc88 wrote: »

It's new homes.. Thru barret homes. Never had an overdraft. I think I've bin overdrawn for a day before as my wages go into different bank so transferred as soon as I seen it.. House is £168.950. 75% mortgage.. 20% government scheme and 5% deposit

Are you buying a property in the west midlands, near solihull?

Thrugelmir

macman wrote: »

Lenders are not moral arbiters, they simply want evidence that the borrower can service the debt. Subject to that, he can spend £400 a month on Mexican dancing girls if he wants to.

You are both right and wrong. Lenders aren't interested in what money is spent on. However they have an interest in how an individual manages their money if its appropriate in relation to the application. As enables an underwriter to categorise an individual. People do fall into distinct camps. Security seekers and risk takers. At 95% LTV lenders will take a far closer interest in personal habits. As with more applications to process than there is money to lend. Is a way of fitering out applications and reducing the risks.

Thrugelmir

macman wrote: »

No it's not. The OP is simply using placing bets on behalf of others, and being repaid in cash. It's not his money he's gambling. As long as he can show that that £400 is being received back (presumably by paying it back in to an account and having statements to demonstarate that), then I can see no reason why it should have any impact.

Underwriters won't be interested in tales. They will simply reject the application and move on to the next case. If they are at all concerned.

macman

But are you suggesting that the mere presence of payments to a gambling site will prejudice the application? If the OP had an income of one million a year, why would an underwriter be concerned if he spent (or rather transacted) £400 per month through such a site? Isn't it the balance of income and expenditure that matters?
If there are other issues and they are digging deeper to find reasons to reject, then yes, I can see your point.

HappyMJ

If they take into account expenditure on gambling websites do they also take into account the income from gambling as well. I spend way more than I earn (more than double) each week on gambling websites....matched betting...but I always withdraw more than I spend as matched betting bets can not lose except in case of a stupid mistake by myself.

Simon_gloster

Read post 9..

Most lenders wont pick it up and are remotely bothered either. The underwriters probably gamble anyway.

It's around the affordability issue where it can get declined.

And no the income cannot be used. Taxable income only.

Thrugelmir

macman wrote: »

? If the OP had an income of one million a year, why would an underwriter be concerned if he spent (or rather transacted) £400 per month through such a site?

In this instance they don't. The application is for a 95% mortgage. Which raises the bar in terms of the criteria that the applicants will need to clear.

ValHaller

Simon_gloster wrote: »

The underwriters probably gamble anyway.

They probably run a weekly cumulative pot on which borrowers are going to be repo'd .......