Hi. New to forum have a mortgage query about an application

longjohn12

Really need some advice. My wife and I have had an offer accepted for a house of £138k and we have a £30k family gift that doesn't need paying back, we have a joint income of £40k and I've just finished paying off a credit card (with a bit of help from the family member) and I've came of my £500 overdraft roughly 6 weeks and stayed out of it since. We wouldn't have any problems affording payments on a £108k mortgage. All seems fine you think but there is a problem- my personal bank statements show high levels of gambling activity. I use two bet makers, one for the horses and one for the football. Normally I would deposit money and when I make some profit withdraw the funds but worryingly i have read that mortgage lenders just look at outgoings but don't account for in comings as wins are not guaranteed. I'd been breaking even on my gambling but last month was a bad month and a lost a fair bit. Our mortgage advisor has asked us to hand in all of our documents including 3 months of bank statements so obviously this is a concern. I have stopped all gambling activity and even left some funds in the gambling account as I wouldn't want any activity to show. The positive thing is I've noticed that Barclays statements (my personal account) start and finish at mid points through the month so if I can hang out till mid September then August's statement will be very strong. This has got me wondering if there are any lenders that are happy with one months worth of statements? Or is this something not to worry about too much? How badly does gambling effect an application? Has anyone had much experience? Can I give all of the documents in without the statements which I can hand in mid September? I'm really not sure how things stand towards this subject, obviously it's a concern and I'm really stressed out about it! Many thanks John

amnblog

There are lenders that do not usually ask for bank statements. Barclays is not one of them.

longjohn12

Are you saying that i should be gearing my mortgage advisor towards lenders that do not require statements? I thought statements were a must? Sorry for being a bit clueless i'm a first time buyer and the opportunity to buy has come about out of the blue due to a family member giving us a gift for the deposit. Just to add i would've accounted for gambling activity if i had the time to plan.

Let_Us_See

Be honest with your broker and let him place the application. Part of our service is matching applications to lenders.

Bouncybubbles

Hi John
We have just had a mortgage offer from santander via a broker which we did not need to send any bank statements in. All we sent was payslips, P60 and ID. LTV 85%. Not first time buyers however so may be due to that. However we do not have perfect credit so it may be an idea but I would defo use a broker again

longjohn12

So i spoke to my advisor and he said because my latest statement will be good he will look for lenders that only require one months statements. Only thing is the statement won't be ready till mid September so i need to buy some time! To those who know- at what stage is the latest the statement can be handed in? I mean if i hand in the rest and they ask for it will a few weeks have passed by?

kingstreet

Bouncybubbles wrote: »

We have just had a mortgage offer from santander via a broker which we did not need to send any bank statements in

I'm surprised.

We ask for three months' bank statements regardless of the lender requirements.

It's the only way we can establish if we would be happy for them to be scrutinised if the lender asked for them later.