mortgage and gambling

Alfrd

Hey. I know there's been a lot of talk on here about this but I needed some advice or knowledge before I carry on stressing.
My partner and I are applying for a mortgage I didn't think it would come so soon so I was still gambling until last month. I usually do about 3 deposits a month of £20. So usually spend 50-60 a month. I know it doesn't look good on my statements but I should've been smarter and kept it aside. Do you think this will affect my chances of having a mortgage approved?

Any help would be really appreciated.

Thanks

kingstreet

Probably not.

Alfrd

kingstreet wrote: »

Probably not.

Thanks. So you think it's nothing to worry about? What are they looking through my statement for then? Sorry if I come across stupid. I'm a first time buyer and just stressing myself out as I really want to get it approved and worrying my gambling will affect this

kingstreet

You would best be served by going through the initial interview with an independent mortgage broker who could see the whole picture, rather than this one isolated issue.

Most lenders do not spend hours poring over your bank statements and many don't actually ask for any. Eating beans on toast for three months before you apply is not actually going to achieve anything.

The media would have you believe that is the case, while those of us who work in the industry know different.

jonesMUFCforever

If you were asked to provide say 3 months statements and they showed a monthly gambling habit then YES it could set alarm bells.

I like the way you say you were gambling until last month as if you can turn it on and off like a tap.
There is an old story I was reminded of this week - who owns the only rolls royce outside the bookies - answer the bookie!

Thrugelmir

Alfrd wrote: »

What are they looking through my statement for then?

Unusual activity such as expensive hobbies, undeclared commitments, evidence of regular saving. Majority of people have similar types of outgoings in everyday life.

HappyMJ

Thrugelmir wrote: »

Unusual activity such as expensive hobbies, undeclared commitments, evidence of regular saving. Majority of people have similar types of outgoings in everyday life.

Would gambling £60/month be considered an expensive hobby?

What counts as an expensive hobby?

My mother improves the garden as a hobby and spends not much less than £100 per month on it....but she also sells some plants offsetting the expense. As she also gets produce from the garden her grocery bill is significantly less....but on her bank statement it would look like a very expensive hobby.

Alfrd

Thrugelmir wrote: »

Unusual activity such as expensive hobbies, undeclared commitments, evidence of regular saving. Majority of people have similar types of outgoings in everyday life.

Ok thank you. But would £60 a month gambling seem like an expensive hobby to you? I dont spend a lot of money and have been saving wisely so I hope that they see it's a well managed account?

Thrugelmir

HappyMJ wrote: »

Would gambling £60/month be considered an expensive hobby?

What counts as an expensive hobby?

My mother improves the garden as a hobby and spends not much less than £100 per month on it....but she also sells some plants offsetting the expense. As she also gets produce from the garden her grocery bill is significantly less....but on her bank statement it would look like a very expensive hobby.

Keeping a racehorse, polo, any form of motor sport for example. Common sense really.

You could withdraw cash and bet in shop. Who would be any wiser?

Alfrd

Thrugelmir wrote: »

Unusual activity such as expensive hobbies, undeclared commitments, evidence of regular saving. Majority of people have similar types of outgoings in everyday life.

Ok thank you. But would £60 a month gambling seem like an expensive hobby to you? I dont spend a lot of money and have been saving wisely so I hope that they see it's a well managed account?

amnblog

This is unlikely to be a problem in itself