Online Gambling and Mortgage Application

snudge01

I have applied for a mortgage to one of the high street lenders and supplied all the relevant docs requested. I have a seperate bank account I use as disposable cash for ebay purchase internet purchase etc due to fear of my other account being hacked. I also use this for online gambling. I was a bit naive and didnt expect to have to submit both my account statements. My secound account has numerous withdrawals and deposits for bet365 and betfair. My other account is immaculate. I was wandering if a supporting letter from myself might be useful about understanding the pitfalls of gambling and understanding the importance of budgeting for bills etc. I saw a template letter online at the weekend but I cant seem to find it anymore which is very frustarting as letter writing is not one of my strong points. Is anybody aware of such a letter on this forum somewhere???

Any help or suggestions would be appreciated.

ACG

Who have you applied to?
One of the brokers here may be able to tell you if its likely to be an issue.

Its always a tricky one to answer. I have never had any direct experience to be honest but I would always ask the lender if its an issue before applying.

snudge01

ACG wrote: »

Who have you applied to?
One of the brokers here may be able to tell you if its likely to be an issue.

Its always a tricky one to answer. I have never had any direct experience to be honest but I would always ask the lender if its an issue before applying.

It was with NatWest.

MrDebtWarrior

I can only speak from my own experience, I'm not a mortgage advisor but I did just go through a mortgage application recently.

My current account is used for all of my spending, online purchases, clothes etc and also online gambling.

Iv been in overdraft for over a year but have never exceeded the agreed limit - I would use my overdraft to put bets on at the weekend.

I was concerned that both the overdraft and the gambling would impact my application but both were not even mentioned, my application went through and I received (and accepted) the mortgage offer. This was with Nationwide, 6 weeks ago.

Landofwood

Natwest are especially picky about bank account conduct.

If I was a gambling man, I would bet on Natwest rejecting you.

tom9980

Our broker was very good and solved this issue, Natwest didn't need months of statements just proof of deposit last year. You really should have kept the transactions to skrill, neteller, PayPal etc in the months before application and used a broker for application.

kingstreet

NatWest's basic document requirements are based on loan to value.

If under 75%, it's a single payslip, one month's bank statement or P60.

Above 75%, it's latest three months' bank statements for main account, plus a payslip or P60.

More can be requested later, as these are the basics only.

newone599

I am interested in this too. I have a broker who will review my statements and give me a view but his approach (he has said before even looking at the amounts) is to tell the lenders up front about gambling.

This kind of defeats the point I thought of using a broker in that I thought they would be able to identify lenders that would require only one clean month's statement etc, esp considering my LTV will be only about 60%

My statements will not look appealing to a lender who, as I have read, might only consider outgoings and no receipts from gambling.

(n.b. I have closed all of my accounts now and will keep a clean slate in case I simply end up needing to re-apply in a few months).

kingstreet

I'd just use a lender which doesn't request bank statements.

newone599

kingstreet wrote: »

I'd just use a lender which doesn't request bank statements.

People seem to mention these but I have not seen any evidence that they exist! I have a good income and 60% ltv so should have thought it possible. Do you have any suggestions? PM me if you prefer

Thanks

kingstreet

No. Sorry, unable to provide lender names.

There are lenders. They can be found.

TBH I don't really know where your broker is coming from. There is no mortgage application with "are you involved in online gambling" so I can't see how he can tell the lenders upfront, unless he discusses the case with his BDM and the BDM confirms their underwriter will have no problem with it.

In which case, he's only doing what the rest of us would do;-

rank lenders in order of best deals for you
speak to BDMs in order until finding best deal for your individual circumstances
if none, use lender with no automatic request for bank statements.