I do spread betting regulalry does it affect my mortgage application?

asian2012

Hi,

I need some advice and below is my situation.

I currently already own a 2BHK home. I want to move to a bigger home possibly 5BHK. I have excellent credit rating and never defaulted on any payments. I earn around 80K per year and employed full time.

I regularly do spread betting on index and shares. I have lost a lot of money too by spread betting. But this has not affected any of my regular monthly payments and my credit rating is excellent.

I bank with Barclays and my salary goes into this account. I also use the same account for spread betting. I recently applied for personal loan from Barclays bank and it was declined. They did not specify the reason but I was informed it was declined and that someone will call from the bank and inform me why it was declined. No one called me to inform why it was declined till today. I believe that they must have seen my bank transactions and that I do spread betting( as I have transfer money from my bank account to my spread betting account ) .

Now as I want to move to a bigger home I wanted to find out if applying for a mortgage is it going to be a problem while I continue to do spread betting?

please could some one let me know if I am likely to be rejected for mortgage because of my spread betting habits?

Regards,
Vijay

AnotherJoe

What is BHK ??

Thrugelmir

asian2012 wrote: »

But this has not affected any of my regular monthly payments

To who? As it may make a difference depending on who they are.

asian2012

sorry BHK means - Bedroom, Living room & Kitchen
2 BHK mean - house having 2 bedrooms
5 BHK means house having 5 bedrooms

asian2012

I have not missed my regular monthly payments for following:
1. My current mortgage
2. Monthly Credit Card payments
3, Utility
4. Phone etc

frugalsmurf

I'd say this was a question for a broker, especially if you were recently declined credit.

AnotherJoe

Obviously have no way of knowing but given such a high salary, then i can see that regular betting and applying for a loan raises a red flag with the bank.

It should also raise a red flag with you. Can you admit you are rubbish at spread betting and stop it? Then you wouldn't need a loan

makemesumdosh

yes stop spread betting.
sounds like your not very good,

if you like to trade get a new debit card from a different bank deposit some cash then do matched betting and sports arbitrage. look at the forum on MSE

David_White

It doesn't have to stop you getting a mortgage you'll just need to be smarter about which lender is used.