Mortgage Rejected - HELP

ognum

mak12345 wrote: »

But there is no other history of gambling on the account? Surely the fact that it is a one off which can be confirmed by many years of bank statements and the fact the World Cup is next month? I've also not lost this money it's sat in sky bet which I can transfer back? I will have in the region of £20k left in the account once all the mortgage stuff is done as my partner also has funds going in. I can see to a point why it's been raised by them but with no other evidence of gambling or poor money management am surprised its been rejected.

Mak12345

You appear to be someone who is not used to not getting exactly what you want and nothing is your fault

You are here arguing with yourself, the underwriter has a right to refuse who he wants, if you are as clever and worldly wise as you say why oh why did you put this gambling debt through your account on the month you applied for a mortgage, it is foolish in the extreme! It is poor money management.

Chalk it up to experience and try another lender.

ermine

But there is no other history of gambling on the account? Surely the fact that it is a one off which can be confirmed by many years of bank statements and the fact the World Cup is next month? I've also not lost this money it's sat in sky bet which I can transfer back? I will have in the region of £20k left in the account once all the mortgage stuff is done as my partner also has funds going in. I can see to a point why it's been raised by them but with no other evidence of gambling or poor money management am surprised its been rejected.

I wouldn't lend you money if I were a lender. Gambling is a known addictive liability. That doesn't mean everyone who gambles loses themselves to it but it elevates the risk.

It's a different world now. If you want to borrow money then keep your nose clean. And if you want to indulge in gambling do it in cash or in a different name. In a panopticon there is nowhere to hide. Deal with it.

kingstreet

In a year's time, an underwriter may take something like this in his stride and be more relaxed, asking for a few years' bank statements to see it's a one-off.

In the month MMR is introduced, putting such a case in front of an underwriter was certifiable. It would almost certainly end up like this.

Frankly, the minute your broker saw the bank statement, he should have stopped the plan to submit to Leeds immediately.

BTW FOS has no mandate to over-rule a lender's commercial decisions. If it had acted improperly in some way, yes, but there's nothing improper in declining an application on risk grounds, however slight you may feel that risk.

mak12345

Ognum - you can tell a lot from a couple of posts on a forum! Not sure how nothing is ever my fault? I put the gambling through my account my argument is I'm surprised one translation in 3 years is an instant no!

mak12345

So I guess what everyone is saying if you gamble to any extent then you will not get a mortgage....seems very strange to me, I'd have thought excellent money management for a number of years would be way more important.

marliepanda

mak12345 wrote: »

So I guess what everyone is saying if you gamble to any extent then you will not get a mortgage....seems very strange to me, I'd have thought excellent money management for a number of years would be way more important.

You say excellent money management. I assume the 40k is your 10% deposit, (hence help to buy) and your joint income is over 100k, especially with those dividends and bonuses.

On that income, saving 'only' 40k is not good money management.

ognum

mak12345 wrote: »

Ognum - you can tell a lot from a couple of posts on a forum! Not sure how nothing is ever my fault? I put the gambling through my account my argument is I'm surprised one translation in 3 years is an instant no!

Yes, maybe too judgemental but you have made a mistake you need to take some responsibility for that, you are not as money savvy as you believe.

While to you two thousand pounds of gambling debt seems of no significance, that in itself is interesting.

Now talk to your broker, discuss how you can resolve this, maybe if it a syndicate debt you could send paperwork to show this.

Good luck with your future submission.

mak12345

Marliepanda - my earnings have not always been as high. During all of my adult life I've always paid back any money that I've lent on time and in full. I've never had any money trouble so for me that is excellent money management over a long period. I need to be clear here I'm not blaming anyone but myself but putting £500 in as part of a syndicate (which I can transfer back) surprises me it's a no. My broker is dealing with his BDM contact and if they ask for proof or bank statements going back further I would be ok with that. I understand they need to be careful but I don't think I'm high risk.

mak12345

Ive seen the case put to the bdm main points:

- gambling is not illegal and doesn't form part of their published lending criteria.
- excellent credit rating
- one off and part of a World Cup syndicate
- under 4 times joint salary without taking into account regular bonuses
- good money management evident of no other debt and £40k in current account.

Clearly they are a commercial business so can say no to anyone. Not sure what my chances are of them looking into it my gut feeling is it will be computer says no! Next step will be to apply to someone else and just show bank statements up until the 18th May which is the day before the gambling transaction shows.

amnblog

We can argue on here all day Mak.

The bottom line is that the LBS underwriter did not like your case and as GMS says 'going to the ombudsman' is a joke - the door is shut there.

The problem lenders have with the new rules and bank payments such as you describe is that it leaves them in a difficult position.

If they allow clients to tell that it is a one off the lender has no protection if the regulator later takes a dim view of their policy.

The regulator has put lenders in a position where they will make value judgements on our lifestyles and spending.

You have possibilities with other lenders but no-one can say for sure 'this lender' will be OK with this and 'that lender' won't.

In the short term I can see borrowers running two accounts. One handling their salary and paying main bills and another (savings account) that transactions like this will come from. This will of course lend to lenders asking to see statements for all accounts as we move forward.