Mortgage vs undesirable statement transactions

newone599

Hi All,

I realise there are other posts around this topic but each seems to focus on its specific circumstances. If anybody feels like giving their opinion on my circumstances I would like to know if I am worrying with or without cause.

I am moving house with my spouse and as part of the mortgage application process need to provide bank statements.

As a recreational hobby I play online poker, not for profit, just for fun. I don't keep a big bankroll, I just deposit before a session and withdraw afterwards.

My last month's bank statement shows approx half of my "spare money" (that is, an amount that is half what is left after all other outgoings and also saving 10% of my income) going on this, and to a greater or lesser extent this is the pattern over the last few months.

I have never been overdrawn, all of my payment obligations are met religiously and my credit score is near perfect. In addition we have about 40% equity in our property and our remortgage would be for an amount approximately 3.2 times our joint salary.

It has only just dawned on me that a lender will probably take a very dim view of the poker website transactions even though I am clearly living within my means and it doesn't represent more than 10% of my income.

Others' stories seem to suggest it could be an issue but they mostly seem to be first time buyers with high LTV ratio.

Obviously I am not going to go near such transactions now, but does anybody have a view on how the lender might view the above?

The obvious advice is to keep the statements clean for 3 months and apply then, but we have found a property we would like to buy now.

Thanks in advance!

amnblog

It can and does make lenders nervous.


You can look to use a Lender that does not consider bank statements.


OFAB.

newone599

Thanks for the suggestion amn. Are there any obvious recommendations in that area?

newone599

Oops I should say - 40% equity in the new property, not the current one.

so LTV is about 60%

amnblog

The obvious recommendation is use a broker.

newone599

Thanks Amn, I have an appointment with an MB scheduled for Monday.

I put together a full budget check (using the MSE tool!) with my spouse yesterday, estimating on the heavy side for discretionary outgoings and we are definitely affordable on that front.

I am closing my online gambling accounts and will have emails to demonstrate this.

Let_Us_See

newone599 wrote: »

As a recreational hobby I play online poker, not for profit, just for fun.

Each to their own!!!!!!!!!!!!!

Car1980

Payday loans and gambling transactions. the two things you don't want when applying for a mortgage.

Close all your accounts and wait three months before applying.

newone599

Car, that may be what I have to do.

A mortgage broker is going to review statements today and see if there are any recommendations worth making tomorrow (it's a fully independent broker so I'm just paying a fee).

If he says no chance then it's house off the market and spend three months demonstrating our excellent financial management (which it is, when we need to).

A salutary lesson. In my view not enough is done to alert those using online betting accounts to the problems they can create especially as it seems that the mere appearance of such transactions can scupper your chances..

It may appear common sense if you live and breath mortgage advice, but to the guy who got a mortgage a few years ago without requiring bank statements, due diligence etc, it's a different world.

newone599

Let_Us_See wrote: »

Each to their own!!!!!!!!!!!!!

I agree with your implication, it's ridiculous in the cold hard light of day when facing real life consequences as serious as restricting the timing of a house move.

Lesson learnt!

andyfromotley

Just deposit some money into paypal and use these for your gambling transactions, i have never heard of a lender asking to see this. Or use UKash or similar.