FTB and lottery transactions

FTBNewb

Hi,
I run a lottery syndicate of 20 members. Together, we spend £100 on each lottery draw. £5 each.
I have a separate current account that only has the transactions related to the syndicate.
So, I have £200 of lottery purchases per week going through this account.
There are deposits of £190 from the other members of the syndicate. These come in via PayPal.
I'm now looking at buying a first home, and wonder how this will be looked upon by a lender.
Will they need to look at the bank statements for this current account, and if they do, will the large lottery payments be a big issue?
Thanks

amnblog

They probably won't, but if they do you have a feasible explanation.

FTBNewb

Thank you, that's good to hear.

MortgageMamma

should be ok, you have the paypal payments in to prove it, and I assume you do the lottery online and can prove that also? if you also have your syndicate agreement shouldn't be a problem

FTBNewb

Yes we have a syndicate agreement in place, paypal records, and the lottery payments are currently online using a debit card.
I did just have a thought though. I could just do all of it using PayPal, and a pre-paid debit card that I have. So it wouldn't go though my current account.

MortgageMamma

I wouldn't worry about it, I really don't think it will cause you any problems. You can show your paper trail and prove its not your own personal expenditure so just make sure you are upfront about it and provide documents to evidence when making your application and you'll be ok.

FTBNewb

Thanks again. Just one more thing please. Back in 2011 I took out some Wonga payday loans. One a month for about a year. Always paid on time. Otherwise a good active credit history with no defaults or late payments etc. I've seen elsewhere that lenders (understandably) take a dim view on payday loans, but will these cause any problems with them being from 5 years ago?