New mortgage application and gambling

zaffi

Hi,

Just wondering, what weighting is placed on gambling under the new MMR?

I do a fair bit of online gambling, maybe average out at £200-300 a month leaving my bank account.

But, that doesn't mean that I lose that amount. For example I deposited £100 into my bet365 account yesterday and have already withdrawn £260 back to bank. How do winnings factor into affordability calculations? Or is it simply any money deposited into an online gambling account is seen as money lost?

Also, I'm never overdrawn and always have a positive bank balance and the end of the month.

Cheers,
zaf.

anselld

Some lenders just don't like gambling full stop. Best to speak to a broker.

GMS

Underwriters will apply their discretion to such matters.

£200 per month when earning £100,000 for instance would be seen as a hobby. £200 when earning £10,000 may be seen as an issue.

Try a lender who doesn't routinely ask for bank statements if you are concerned.

You are not using a credit card to deposit into the accounts are you?

zaffi

GMS wrote: »

Underwriters will apply their discretion to such matters.

£200 per month when earning £100,000 for instance would be seen as a hobby. £200 when earning £10,000 may be seen as an issue.

Try a lender who doesn't routinely ask for bank statements if you are concerned.

You are not using a credit card to deposit into the accounts are you?

no, just straight from bank account.

your response is kinda the problem i fear i'm going to run into, i'm not losing £200 per month. in the last month i'm £700 in profit.

that doesn't always happen i'll be the first to admit that but I do ok.

to give a bit more background, i'm married and we're trying to sell our house to buy a city centre flat (~£200K). we'll have enough for a deposit and can easily afford the repayments. The new mortgage would be roughly £400 p/m more than we currently pay but our commuting cost would drop from £350 to £50 between us.

we have no debt and earn £70K combined.

I'm starting to get a bit concerned my bank statements could cost us a mortgage when everything else is fine!

stator

Stop gambling for 3 months. Problem solved

lee111s

As above, don't do it for a few months before applying for the mortgage.

If the house means that much to you it'll be easy.

amnblog

A broker can manage this for you.


A direct to lender application will kill your options.

JimmyTheWig

lee111s wrote: »

As above, don't do it for a few months before applying for the mortgage.

If the house means that much to you it'll be easy.

Regardless of how much they want the house, it won't necessarily be easy.

But stopping for a few months will show you, your wife _and_ the bank that you're not addicted and it's not a problem.
Or you'll find it very difficult to stop for a few months and will then know that you do have a problem.

amnblog

You don't need to stop - you just need the right advice.

zaffi

i'm seeing a lot of overlapping advice and it had occurred to me to do that and just knock it on the head for a few months.

The only issue there is that we are starting to get a decent number of viewers so it may sell within the next 3 months so even if i stop now it'll be start of Feb before my bank statements would be "clean"

Levi-

They would only be concerned if it was huge amounts regularly, or like hundreds of gambling transactions in a month. They'll be far more interested in the overall picture of your finances, I don't think you have anything to worry about with the amounts you have stated at all.