cONTRACTOR MORTGAGE AND GAMBLING

CSPY19

Hi,


I am a contractor applying for my first mortgage with my partner. On her bank statements shows 4 transactions to an online gambling site amounting to £1300 over the last 3 months.


Would this cause a problem with our application?

csgohan4

It will and you will need to find a broker who can look at your case individually and signpost you to the right lender, or find a lender that doesn't need bank statements.

Is your partner a habitual gambler??? if they are, are you sure you both can afford a mortgage which is a large and long term commitment.

muhandis

It could indeed cause an issue.

In your place I'd do one of the following -

1. If my intention is indeed to buy now, I'd consult a broker to assess my options.

OR

2. I would wait until I had 6 months of bank statements without any bookmaker transactions on them.

PS: If you/your partner does indulge in betting, for the future, I would recommend opening a separate bank account and using it solely for this purpose. I do matched betting regularly and this is what I've done myself.

CSPY19 wrote: »

Hi,

I am a contractor applying for my first mortgage with my partner. On her bank statements shows 4 transactions to an online gambling site amounting to £1300 over the last 3 months.

Would this cause a problem with our application?

amnblog

This sounds alarming and looks like a gambling habit, you need to broker to manage this for you.


You also need to consider yourself what the story is here.

minimike2

CSPY19 wrote: »

Hi,


I am a contractor applying for my first mortgage with my partner. On her bank statements shows 4 transactions to an online gambling site amounting to £1300 over the last 3 months.


Would this cause a problem with our application?

You are asking the wrong question.

The real question should be, "Is someone paying out over £400 a month in gambling ready to take on the responsibility of a mortgage".

Dird

csgohan4 wrote: »

It will

Is it also a problem with remortgaging (to new bank)?

PDF

I love the judgement, OP only asked a question. Whilst there is good advice on this thread there is some judgemental views. OPs other half may do matched betting and that does take quite a high outlay for the exchange side of things. Although I do agree about getting a separate back account for beating.

Thrugelmir

PDF wrote: »

I love the judgement, OP only asked a question. Whilst there is good advice on this thread there is some judgemental views.

Unfortunately lenders make judgements on the facts at face value. In business there's no personal feeling. Just good business practice.

minimike2

PDF wrote: »

I love the judgement, OP only asked a question. Whilst there is good advice on this thread there is some judgemental views. OPs other half may do matched betting and that does take quite a high outlay for the exchange side of things. Although I do agree about getting a separate back account for beating.

Questions on this board are sometimes asked in relation to obtaining mortgages. You will find the most helpful responses to those sorts of questions are those made from the point of view of an underwriter. It's not about being judgmental, its about being realistic.