PLEASE HELP mortgage advice

Benant123

Hi All

My partner and I are in the process of buying our first home together. The mortgage advisor wants to see our bank statements (only 1). I have gambling transactions on mine would I be declined for this? I've never taken out a pay day loan, never gone over my overdraft limit and never been bankrupt.

Please could someone help as I am worrying!

Thanks

Pixie5740

Which mortgage advisor? An independent mortgage brokers or the mortgage salesperson at the bank? If it's the former then ask your broker for advice it's what they are for, if it's the latter then it depends on the lender.

richard2511

I doubt you would be declined for gambling transactions alone. If you are spending hundreds per month on gambling then that might be a different story.

I gamble most weeks, £10 football bet, occasionally put on the lotto as well if you call that gambling and have never had a problem with mortgage applications.

Small_Yeti

Hi,

I genuinely don't know - I suspect it depends on how much the transactions are and how frequently they appear.

Gambling isn't illegal and could be viewed as a recreational activity to some extent (i.e. when Nan's used to actually physically go to the Bingo Hall it was definitely a social thing, as is going to the races and having a bit of a punt). If you are gambling every couple of days or more, or worse, several times a day, then the bank may wonder if you are verging on addiction and this may place you in a higher risk category.

Ultimately the bank will be able to see the transactions and will view it as part of your social expenditure (i.e. a write off - they are not going to factor in that you may very, very occasionally, win. Most gamblers lose their money).

I suspect different banks will vary in how they view it as well.

But I don't know as I'm not a financial advisor. Best guess.

Benant123

Pixie5740 wrote: »

Which mortgage advisor? An independent mortgage brokers or the mortgage salesperson at the bank? If it's the former then ask your broker for advice it's what they are for, if it's the latter then it depends on the lender.

Thanks for the reply! And we are doing the help to buy government scheme. We will have a 10% deposit and the government lends 20%. All we have done is put down a £500 reserve on the plot that's it. I'm just worried I'm going to be declined because of my bank statement.

AnotherJoe

You need to put it in context. Are you spending £250 a day, or a tenner a couple of times a month?

Benant123

Thanks for the reply. It was about £180 in total but was once in the month haven't done again in the month.

Benant123

Small_Yeti wrote: »

Hi,

I genuinely don't know - I suspect it depends on how much the transactions are and how frequently they appear.

Gambling isn't illegal and could be viewed as a recreational activity to some extent (i.e. when Nan's used to actually physically go to the Bingo Hall it was definitely a social thing, as is going to the races and having a bit of a punt). If you are gambling every couple of days or more, or worse, several times a day, then the bank may wonder if you are verging on addiction and this may place you in a higher risk category.

Ultimately the bank will be able to see the transactions and will view it as part of your social expenditure (i.e. a write off - they are not going to factor in that you may very, very occasionally, win. Most gamblers lose their money).

I suspect different banks will vary in how they view it as well.

But I don't know as I'm not a financial advisor. Best guess.

Thanks for the reply!

It was once in the month at about £180 but that's it. Yeah that's true it isn't illegal! Thanks for the advice! I just don't know wether to go through it or cancel it. Im working and have never had a pay day loan so hopefully that will help!

smdabs

For a lender, the transactions on your bank statement are not on their radar. They use the bank statement to prove income usually and for no other purpose.


When I was assessing mortgage applications for a high street bank, the transactions were absolutely none of our business. We just used them to confirm monthly income stated was correct for the affordability calculations. The calculations of which were basically a case of a computer saying yes or no - again, not done by a particular person.


This may be a different story if for any reason you have had your application sent to the Specialist Underwriters who actually go through someones income and personal circumstances and financial situation. The only reason this would have happened (in the lender I worked for anyway) was because one party had an issue with credit rating or affordability. They would, however, have asked for much more than one bank statement.


So... to cut that long story short - you should have absolutely nothing to worry about!

Benant123

smdabs wrote: »

For a lender, the transactions on your bank statement are not on their radar. They use the bank statement to prove income usually and for no other purpose.


When I was assessing mortgage applications for a high street bank, the transactions were absolutely none of our business. We just used them to confirm monthly income stated was correct for the affordability calculations. The calculations of which were basically a case of a computer saying yes or no - again, not done by a particular person.


This may be a different story if for any reason you have had your application sent to the Specialist Underwriters who actually go through someones income and personal circumstances and financial situation. The only reason this would have happened (in the lender I worked for anyway) was because one party had an issue with credit rating or affordability. They would, however, have asked for much more than one bank statement.


So... to cut that long story short - you should have absolutely nothing to worry about!

Thanks for the reply!

That's is probably the best answer I could ever have asked for! I hope it is to compare my wage to my statement.

Thank you so much

Small_Yeti

Go for it - the worst they can say is no.