Will I be refused a mortgage due to betting on my statements?

Deno21

Hi

I have had a decision in principle accepted by Nationwide and have reserved a house. I know the bank will soon be asking for bank statements.

My past 3 months show about £500 worth of betting deposits, with about £2000 coming back into my account from winnings. I am on a good salary and never bet unless I have a bit of spare cash, and my statements show money left over at the end of each month.

Will I be refused a mortgage because they will see me as higher risk?

Mortgage repayments will be about £1150 per month with household take home of £6400.

Thanks

amnblog

doesn't sound too worrying giving your income, and £160 a month does not sound like a major habit.

(we have successfully done cases for professional poker players)

Would not surprise me if the lender asks for 6 or 12 months statements.

Deno21

Thanks for your reply.

If I can put off giving the statements until the end of this month, then I will only have one transaction of £65 on my last 3 months statements.

Due to exchange contracts around 2nd week of Oct so could I put off the statements until last week of sept?

Thanks

amnblog

I wouldn't bother. If they see one transaction, they may still ask for more statements.

It is more likely to raise concerns if they struggle to get the statements from you.

Deno21

Any idea if nationwide are strict about this sort of thing?

amnblog

Nationwide are strict about most sorts of things!

Thrugelmir

Where's the deposit coming from, your own savings?

Moomum

We were in exactly the same position with nationwide 2 years ago. Roughly the same salary but higher mortgage payment than you are looking at and probably larger gambling deposits . No questions were asked at all about it.

bargainbetty

Your income, monthly expenditure and previous history are likely to make more difference than a limited sum per month on the ponies. If you had thousands in and out, then it might raise more flags.

You might want to set up a separate for your gambling spends in future, and have that linked to any online accounts. Just in case, it makes it that little bit more difficult to spend it if you have a bad run and feel the need to chase the losses.... I'm not saying you have a problem, but it's a penny of prevention!

My brother has the same levels of gambling for six/seven months of the year, and it hasn't hurt him.

Deno21

Thrugelmir wrote: »

Where's the deposit coming from, your own savings?

We have saved it all up ourselves.