First Home mortgage application but I gambled 2.5k last night :( Is it game over?

Supersteve007

Hi there,


Last night I stupidly gambled after a few drinks and managed to spend £2500.00 in a few hours online. So stupid I know and couldn't sleep as it only dawned on me afterwards that this will show on my bank statement and currently in the process of looking at my first home. Cold sweats were happening, not nice!


I know I cant change what I have done but I hope with putting my circumstances down below maybe I could get some help?


First time home value 450k (may have to go to 475k but think they seller will accept this as been on market for a while).
Deposit 45k (10%) and have the stamp duty and fees just about covered.
Saved 60k cash in two years since stopping gambling.
Borrowing mortgage (which is currently being 'referred') for 375k (so currently just short) but with my company owing me 25k they said they would pay this as commission for next month to strengthen my borrowing and told this will be enough.
I have no debts and have had a clean report for the past 6 years. Experian (good) and Equifax (excellent) after working hard getting this sorted.
I had not gambled for over two years (apart from last night and lost 2.5k) The really bad mistake.
I was an ex bankrupt about 7 years ago now, doesn't show on my record and the lender is aware of this.
My P60 shows just under 100k for the last financial year (35k base and the rest made up with commission). The past 2 months taken 15k plus next month of due 25k. (need to both be taxed)


I am speaking to my mortgage broker and he feels I would be ok and accepted (but that was when I spoke to him on Wednesday) and doesn't know about my poor judgement last night and losses.


I deposited the money into William Hill.


I can't believe I could be jeopardising my chances and never wanted too, I would never have done this with a straight head. I have been working so hard to get to where I am. I had heard if you don't gamble more the 5% of your net pay a year and as long as your not going into your overdraft (or over spending) which I am not then I should be ok, but hear conflicting opinions and just feel my last transaction of £1000, £1000 then £500 to William Hill last night could raise eyebrows!




All help appreciated, a very anxious Steve,


Tip - Drink / gambling while having the laptop available is such a dangerous combination ! Don't do it

poppajohn

Plenty of threads on here on this very subject. All I can advise is that most (if not all) lenders I looked at only wanted the last 3 months bank statements. Indeed, the lender I ended up going with (although that's another story) only wanted one. Some apparently don't want to see any!

You're probably not going to be able to apply for a mortgage until you have at least one "clean" bank statement, possibly more like 3 in reality - I presume the money you used came from the same account as your wages go into?

You will need to tell your broker. It's going to be far worse if you're declined after trying to hide it from him.

Supersteve007

I have already sent my broker an email today (and tried calling) so he knows exactly where I am, thank you Poppajohn.


If my offer is accepted on the house I am unsure if I can wait 3 months till I apply officially though for the borrowing? This will show on my bank statement for end of may of the gambling. So I guess if only need one month required then I just need a clean June and then get the company I work for to pay me my commission which will strengthen the borrowing and should be able to get to the figure required, need to borrow 400k realistically (not 375k) then hopefully it will be ok.


What I have learnt is to never gamble again, I wasn't enjoying it and towards the end I wanted to be over at 4.30am and to put me out my misery. I knew that doing this sort of thing would show on my statement but at the time of doing it (as drunk) I had completely forgot.


Live and learn and all that.


So basically if one month, I think it will be ok. 3 months then I should ask my broker to go to another lender.


I am currently classed as 'referred' so at least that's good news for not going to an automatic decline....for now I have completely told the truth apart from the lender not knowing of my losses yesterday.


I am trying to dream and to try and keep and stay positive, I will learn from this.


Any other tips appreciated.


Best regards and thanks
Steven

Supersteve007

.....the amount to William Hill did come out the same bank account to answer your question. What was the lender you used which only wanted one? You said it's another story....sounds like a good story to me If looking at three months I feel I could have a problem to be honest. Incoming would be thankfully high with getting my advances with work but it will still show 2.5k loss.
Thanks
Steven

ACG

You could potentally get lucky.
If your application goes in sharpish then you could just print statements up to the 26th May, but I would tell your broker anyway - especially if he plans to apply to whoever you bank with.

Its not the end of the world, but it has the potential to cause problems.

mildredalien

We had to provide three FULL month's statements so as we were applying partway through the month, we supplied the three months prior. So it is possible you won't need to provide a statement that covers your gambling. No guarantees though depending when exactly they request the documents and what they want. I'd disclose to your broker for sure (and make sure you have a plan for the next time you have a few drinks and are nearby your laptop!!)

poppajohn

Supersteve007 wrote: »

.....the amount to William Hill did come out the same bank account to answer your question. What was the lender you used which only wanted one? You said it's another story....sounds like a good story to me If looking at three months I feel I could have a problem to be honest. Incoming would be thankfully high with getting my advances with work but it will still show 2.5k loss.
Thanks
Steven

Nationwide only wanted one, you can have a look at my thread if you want to know the full horrible story on that one. Virgin also allegedly only need one bank statement, or none.

As another user said, you could get away with this if you get in sharpish with your three last FULL statements, unless you're even more unlucky and your statement date is tomorrow or similar.
I know you're worrying, but honestly, it could be a lot worse.

amnblog

A lot of mis information here.

There are lending options where bank statements are not requested. Of course the shape of your overall case will dictate if you can access them.

What is of more concern is your lapse yesterday.

Only you can decide if you should be making a purchase when your issues are not yet behind you.

Supersteve007

It is a concern to me also considering i had stopped for almost 2 years gamble free, gutting but I wasn't enjoying it and its something I don't want to entertain and to continue. I don't want to do it and I disabled and blocked myself from the website and also blocked myself nationwide to all casinos for the next year also (just to make sure) though I still hadn't tried. I believe it is behind me and was a lapse in poor concentration.
Getting on the housing ladder is far important to me and the reason why I have been working as hard as I have to get me in this position.
Thank you again all, im glad I registered on this site.
A great help.
Steven
:T

Jhoney_2

Supersteve007 wrote: »

It is a concern to me also considering i had stopped for almost 2 years gamble free, gutting but I wasn't enjoying it and its something I don't want to entertain and to continue. I don't want to do it and I disabled and blocked myself from the website and also blocked myself nationwide to all casinos for the next year also (just to make sure) though I still hadn't tried. I believe it is behind me and was a lapse in poor concentration.
Getting on the housing ladder is far important to me and the reason why I have been working as hard as I have to get me in this position.
Thank you again all, im glad I registered on this site.
A great help.
Steven
:T

Firstly, well done for the past 2 years! Really, genuinely well done and this cannot be overstated. For you to have saved so much in that short time is incredible too!!!

However, even your title implies an element of your addiction - "game over"?

It may just be a phrase to some, but it reads as if you have an appetite or aptitude for risk - I may be wrong but it may be of value to you for me to flag it up so I have.

Your post says you didn't enjoy it, but you made 3 separate deposits and you said you didn't enjoy it 'towards the end' - so whilst you totally accept that it was your own lack of concentration, you were able to not only focus to make the deposits, but engage with the process whilst drinking - (rhetorical question, but how much did you drink? Is this also an issue?).

I am simply suggesting you look frankly at the problem(s) as despite what you say, your priority on that night was not what you say it was and a mortgage is a lot longer than 2 years....

All the best, JH

Supersteve007

Hi JH, thank you for your words.

I think I have always had a bit of an personality were I can get addicted to things, but also at the same time I know I have a lot of drive and determination to stop when I know its becomes an issue, strange combination.

On the Friday night I had one bottle of Prosecco, listened to some music with my housemates and went out and bought another bottle as the night was young. Two bottles is a lot for me. I guess you could class me as a typical binge drinker when doing that. Early this year I stopped drinking altogether for three months, not because I have a drinking problem but just because I had a bit more than usual over the Xmas period and got a little sick of it to be honest. I like to test and challenge myself from time to time though, my mates thought I was a little boring, and I probably was a little to be fair

With the title 'Game Over' I think I was just feeling dramatic and with that loss and a dazed painful mind, I do play Forza and FIFA on the Xbox and with losing that big cash it did feel like 'game over' but I know how this could be interpreted, maybe there is some truth in what you say though. I wasn't sure how much damage I had done to myself as I am very close to getting the mortgage to the value I need to borrow.

I remember when I last gambled (when I had stopped) I put a post on another forum and it was so powerful with hearing peoples replies I was determined to stop and kept going back to the same post when I had 'that urge' which did pass overtime. Originally I was asking other people that poker play face to face isn't the issue and wanted to carry on with that as loved the interaction and the game, however I listening to people opinions who were in a similar boat as me and their history / past and horror stories so I did stop as they said 'it's not worth it, what's the point, do other things, become you, etc'. It clicked and made sense to me.

Friday night it was more of a binge gamble and I was so quick with how I played as well, not with any skill or good judgement as my head was not right, it was like I told myself 'Well I have lost the grand being rash you idiot, you have made the mistake already just deposit another grand to get it back' Then did the last £500.00. I was playing high stakes poker and when I lost a big hand (with zero luck) I went on roulette and wanting my balance to be zero so I wouldn't come back in the morning. So I smashed the last £98 on number 16 red roulette (this game never interested me by the way) knowing the odds were way against me, I just really wanted it to be over and with some strange thanks it didn't come in.

I am trying to be brutally honest, I did know what I was doing I just had forgot why I stopped in the first place and blanked that part out, but really the cold sweats happened when I was trying to close my eyes for sleep and then realised.....'f*** the mortgage application!', please excuse the language but that's really how it was. I wasn't thinking about the house I have been dreaming about for those couple hours playing poker.

It's a shame as I had turned my life around since not gambling and concentrated with what I am good at, my job. I was treating my new buzz (as I work in sales) as my wins and I couldn't lose, plus the won trips abroad this year and recognition with my peers were amazing. Not sure if this is making sense as it's been one of those weekends but I hope it does and I will think about what you have said.
Best regards and thanks
Steven

PS - I really take into account 'that a mortgage is longer than 2 years', and this is something I do understand. I have been independent since I was 18 and I feel (though I am not there yet) if I do have the responsibility of a chunky mortgage I wouldn't risk it moving forwards, I don't want to become homeless and can't rely on others . I do want a sustainable and good life but I still need to prove this to myself again, I have learnt over the past 2 years now with what I have achieved and how this can continue. I know actions speak louder than words but I feel (and hope!) its just a blip and I have already tried to act upon this, I.E banning myself on poker sites with this very same laptop. I am not trying to kid myself otherwise I shouldn't try at all with this mortgage application.

I have made the mistake and I recognise this, I have to believe in myself.
Thanks again and sorry for this long message, Steven