Remortgage

dartilov

Just a question regards remortgage (switching lender) our broker has commented that lenders do not like to see betting transactions on statements.

For the record, I gamble only very small, money in usually equates to money out or better. This year as a guide, I have spent just under £500 and recouped just over £600 (so a £100 profit).

I don't go out and waste £100 per weekend on drink or takeaways or the like.

Would this constitute a negative and a reason for a remortgage to not go through?

All other income and outgoings are well above the expected for the loan amount and term.

Thanks in advance.

HappyMJ

You need another account to do gambling transactions on. Never use your main current account. It can affect mortgage applications but a £500 spend if affordable isn't that bad. As long as you used disposable income and didn't go overdrawn when doing it then they shouldn't have an issue with it.

dartilov

Was overdrawn once, 8 years ago. Always plenty of money left at the end of the month (disposable).

I realise, in hindsight, a second account would be better, evidence wise in this day and age.

What about using a paypal account, is that safer?

Thrugelmir

dartilov wrote: »

Just a question regards remortgage (switching lender) our broker has commented that lenders do not like to see betting transactions on statements.

Everything has to be viewed in context. Small amount staked every week is no worse than playing polo as a hobby or owning a leg of a racehorse.