Mortgage application worries

Had88

I have a mortgage agreed in principle but I have just been asked for my last 3 months of bank statements which does have online gambling activity on it. Has anyone had experience with this and is there anything I can do to to help the mortgage being approved. (I have stopped all gambling activities since applying for the mortgage over 3 weeks ago.)

AnotherJoe

Had88 wrote: »

I have a mortgage agreed in principle but I have just been asked for my last 3 months of bank statements which does have online gambling activity on it. Has anyone had experience with this and is there anything I can do to to help the mortgage being approved.

Could you stop gambling more than 3 months ago? No. So no there is nothing you can do it will be what it is. Dont do any more if you get bounced because at least you'll only have a couple more months to wash it out of your bank statements.

WillyWonga

Most banks take a dim view of online gambling, especially if very recent. More than likely you will be rejected. It's a chance to take and to a gambler weigh up the odds. I would pull out now and say change of mind before the hard credit searches start. Knuckle down for next 5 or so months and try again. They can turn round and ask for 6 months statements if not happy after receiving 3. If you have no defaults or issues then 6 months time should be the aim.

f2f

Significant amounts of money involved?

amnblog

It depends on your overall case, and how much is being gambled as the whether this will be a problem.


Stopping for three weeks does not remove a habit.


Many people gamble £32 a month on the lottery.

f2f

Not knowing when were going to apply or who with I started doing any gambling transactions by transferring to PayPal first and then depositing from there, that way they don't know where the money's going

amnblog

Fine until they ask what is happening with the money going regularly into paypal.

nath81

I was recently in a similar situation, had done some matched betting a couple of months ago. Wasn't really planning on buying a house, but found one that was ideal and put in an offer.

Started getting everything together for the mortgage, and to my horror realized I still had betting transactions within the three month period. I was worried sick about getting the mortgage arranged. We went to a broker, who said it was unlikely to be a problem. It turned out the one we applied for only needed one month of statements, which were clean. Mortgage was fully approved within a week.

As long as the amounts aren't too big and you don't have loads of transactions, and you're not border-line on the affordability checks, you should be OK.

Go and talk to a broker.

nojcarter

Had88 wrote: »

I have a mortgage agreed in principle but I have just been asked for my last 3 months of bank statements which does have online gambling activity on it. Has anyone had experience with this and is there anything I can do to to help the mortgage being approved. (I have stopped all gambling activities since applying for the mortgage over 3 weeks ago.)

I only had to provide one months statement for my application and there were a couple of online gambling transactions on there and that has been approved so it's not impossible but I was warned by the MA that they take an extremely dim view of it.

How much are we talking?

f2f

amnblog wrote: »

Fine until they ask what is happening with the money going regularly into paypal.

Its not large amounts and only now and again, be very surprised if they asked for an explanation, looks like a bit of ebaying here and there...:A:

HCM

Most lenders have referral guides for their processing staff regarding online gambling transactions when reviewing bank statements. Underwriters will review these situations on a case by case basis. Normally along the lines of if the total gambling is more than 5% of the applicant’s net pay. And before you ask, no, credits/winnings from bookies are not used to offset these amounts ;-)




If you are able to afford your level of betting (ie the gambling is not resulting in overdraft usage, failure to meet commitments etc), then an average monthly amount will be used against the affordability of the mortgage.


Unfortunately, if you’re gambling sees you entering overdraft facilities (even authorised overdrafts), this can be enough to decline for an UW.


National Lottery transactions are exempt from any lender I’ve worked for…..dependent on the amount being spent.