Gambling transactions on bank statement

FirstTimeBen

Hi all,

I'm a FTB who has recently made an application via Bank of Ireland.
They requested 3 months bank statements which wasn't a problem, as I tend to use one main current account for everything.

However, I tend to have a small bet each weekend on the football like a lot of people, usually no more than £10-20 per weekend. I've been lucky enough to have a few winners over the 3 month period they have requested bank statements for, and these are shown as credits alongside the debits to fund the initial bet.

My question is, will the lender be calculating the monthly deposits to the bookies and adding this to my regular expenditure when assessing my affordability?
I can presume that they won't take into account the winnings, even though they are there to be seen!

spadoosh

I doubt theyd go into that much detail.

I forgot about a credit card whilst applying for our mortgage and didnt include it in any regular outgoings (the amount was minimal) at no point was the credit card mentioned.

The bets would count as disposable income and aslong as you have a high enough disposable income it shouldnt really matter.

essex.cyclist

I was worried about this when I applied.


They won't take it as regular spend but as a rule, they don't like gambling transactions.


My advice would be to stop doing it and either bet in cash or take it from a different account that you don't need to submit statements for, moving forward.

HappyMJ

FirstTimeBen wrote: »

Hi all,

I'm a FTB who has recently made an application via Bank of Ireland.
They requested 3 months bank statements which wasn't a problem, as I tend to use one main current account for everything.

However, I tend to have a small bet each weekend on the football like a lot of people, usually no more than £10-20 per weekend. I've been lucky enough to have a few winners over the 3 month period they have requested bank statements for, and these are shown as credits alongside the debits to fund the initial bet.

My question is, will the lender be calculating the monthly deposits to the bookies and adding this to my regular expenditure when assessing my affordability?
I can presume that they won't take into account the winnings, even though they are there to be seen!

I suppose it depends who the lender is.

Sometimes they do sometimes they don't.

I hope they never look at my main bank statement. I deposit over £10,000 to gambling sites each month on guaranteed profit bets....that's matched betting for you. Lots and lots of deposits. I'm not a gambler though. I wouldn't take a risk with much more than £1. Even when the raffle card comes around in the community centre with profits going to charity I don't even gamble on that.

FirstTimeBen

Thanks guys.
As a rule from now on it has stopped, however during the past 3 months I had a lot more disposable income hence the amount being larger than normal. Obviously with my circumstances changing with my mortgage application the transactions are now few and far between.

FirstTimeBen

HappyMJ - I've made 2-3 £100 deposits to one bookie as they were offering a no risk matched bet offer at numerous times, but the money always went back in the following day (plus any winnings) so I'm not a big-risk gambler at all. I just hope the £100 deposits don't raise too many eyebrows, as it was risk-free but out of the ordinary compared to my normal habits.

essex.cyclist

Just make it easy for yourself in future and deposit from a different account.


No harm done and I'm sure you'll be fine.

RhysHSCC

It's an interesting one but as long as your not going overdrawn, then the lender shouldn't really question it.

At the end of the day it's your money to do with as you please, as long as your not being irresponsible and constantly overdrawn and incurring bank charges, I would challenge any concerns they may have.

I remember dealing with a FTB who had numerous betting transactions on his account, and his application was declined purely on this, however when I referred to an underwriter for further clarification. they gave that rationale as mentioned above and overturned the decision because they didn't agree that the case should have been declined. From memory I can't remember if the case was offered in the end, but I think the lender would ought to have very strong reasoning if they were to decline based on a few betting transactions. Can't dictate how you spend your money to a certain degree.

Hope it all works out

FirstTimeBen

Will do, I honestly didn't envisage it causing a problem but I've read a few things since applying about lenders being quite worried about any gambling deposits, so fingers crossed it doesn't cause me any problems.

jlaw4

FirstTimeBen wrote: »

Will do, I honestly didn't envisage it causing a problem but I've read a few things since applying about lenders being quite worried about any gambling deposits, so fingers crossed it doesn't cause me any problems.

Have you heard anything? My partner but a £10 on grand national and we are applying for BOI this week. Did they ask for any more than 3 months worth of statements as it'll only show on next months statement... so worried!

kingstreet

One? Just one £10 bet?

I think your worries are very, very misplaced.

Just like those who eat only beans on toast for three months thinking they will have an easier mortgage application.