Large Payment to betting account - Mortgage Application Denial?

vincent.lee

Hi.

I'm currently applying for a mortgage.

One thing which I'm concerned about is that in April 2015, I transferred £20,000 from my current account into a betting account out of curiosity (just to see if it was possible - to see if there was a deposit limit). 5 minutes later, after I saw it was possible, I transferred it back into my account with no issues.

Do you think this might make the lender refuse my application? If they do refuse my application, what will happen with future applications? Will this be a permanent black mark on my application and home-buying prospects?

This really frustrates me, because apart from this, I have been straight-laced and consistent with my savings and spending habits. I didn't think they'd have an issue with what I do with my money, as long as I am in credit and meeting all my fiscal responsibilities...

Any help or advice? Will this crush my home-buying prospects? Will future lenders ask me about why I was refused this application (if I am) and do the same?

GRBWA

Not sure if it would or wouldn't but some lenders don't require bank statements, and some only ask for one month apparently.

Best to speak to a broker who will know how to circumnavigate.

vincent.lee

GRBWA wrote: »

Not sure if it would or wouldn't but some lenders don't require bank statements, and some only ask for one month apparently.

Best to speak to a broker who will know how to circumnavigate.

Oh, sorry, I should have said, the lender has already asked for 3 months worth of bank statements, so they'll see it.

I've informed my broker, and they've said they're dealing with it now, but I just wanted some opinion from you wise people!

Goldiegirl

A transaction like you describe will almost certainly require a good explanation.

If I saw your bank statements, alarm bells would be ringing in my head.

An out of character large transaction to a betting account, with a return credit a few minutes later? I'd be asking for a print out of your betting account too, to make sure it's the same £20000 coming back, and not a 'dirty' £20000 coming back to be laundered. Buying a house is a classic way of getting dirty money into the legitimate economy, so this would cause me even more concern.

Hopefully, if they are satisfied with your documents and explanation they'll proceed.

So, be prepared to provide information to verify your explanation.

Jhoney_2

vincent.lee wrote: »

Hi.

I'm currently applying for a mortgage.

One thing which I'm concerned about is that in April 2015, I transferred £20,000 from my current account into a betting account out of curiosity (just to see if it was possible - to see if there was a deposit limit). 5 minutes later, after I saw it was possible, I transferred it back into my account with no issues.

Do you think this might make the lender refuse my application? If they do refuse my application, what will happen with future applications? Will this be a permanent black mark on my application and home-buying prospects?

This really frustrates me, because apart from this, I have been straight-laced and consistent with my savings and spending habits. I didn't think they'd have an issue with what I do with my money, as long as I am in credit and meeting all my fiscal responsibilities...

Any help or advice? Will this crush my home-buying prospects? Will future lenders ask me about why I was refused this application (if I am) and do the same?

I am no expert but:-

1. Could you not have read the T&Cs?
2. Assuming your curiosity/stupidity is limited to this transaction (no offence intended - but given your recent mortgage application that is what it is), and there are no such 'interesting' transactions on your bank statements suggesting behaviour of this nature...which they would probably have questioned anyway - (and they may request additional cc statements as a result of)....

You could try telling them it was an input error? e.g too many zero's corrected asa realised.




As an aside, you may need to ask yourself why this was something you found interesting - and why. The answer is your own, but may be helpful going forward when taking on such a large financial responsibility.



Good luck anyway.:)