Gambling with mortgage application?? Help

Grantpilling26

Hi

So I have passed my credit check and affordability with a house myself and my partner are going for and tomorrow we have to send off our mortgage application.

However they need to check our bank statements which will show on the last month quite a bit of betting probably around 60 pounds per week will this make us be declined our mortgage?? It is the same for both my and my partners bank statements.


Thanks

mrmagooooooo

Hate to be the bearer of bad news but more than likely they will decline your mortgage. Most if not all will decline with even a sniff of gambling on statements unfortunately.

I had to use the Halifax as they at they dont ask for bank statements. Could be an idea for you unless their policies have changed.

emlouwat

I would suggest that you hold fire for a few months. Curb the gambling and find yourself in a stronger position in a few months time with 3 months worth of statements that don't show £60 per week each being spent on betting- that's a lot of money per month if its both of you?

tom2205

I wouldn't say that they would decline based on you having gambling on your statements. £60 a week in the eyes of a lender is a fair bit but will all be relative to your general income. They may factor it in to their affordability on the basis that it is regularly on your bank statements and they certainly will not use any profit coming back in as income but lenders will be different.

Depends who you've used but as long as it is still affordable with the gambling payments there I wouldn't be too concerned unless they were massively eating into your monthly budget.

Paully232000

Guess it will depend on both your income, and how close you are to the maximum that the mortgage company will lend you.

If you were only going to borrow say 50% of what the mortgage comapny would be willing to lend you and you earn £1000s a month then you are probably OK. Otherwise it may make a difference and you should wait until months when you havent spent so much on gambling.

Jenkic20

All depends on the individuals affordability and financial situation. I've just had a mortgage offer with gambling transactions on bank statements, but very obviously recreational amounts and the account they came out of always has a healthy balance.

As long as it is not reckless then it is treated like all other expenditure, although £120 a week seems a lot?

ytfcmad

Why are bets showing on your main bank account? I bet every day and not one thing shows on my main current account.
Use a sub account just for betting, something like the latest Tesco current account.

Better still make your deposits to the online bookies via PayPal.

mrmagooooooo

ytfcmad wrote: »

Why are bets showing on your main bank account? I bet every day and not one thing shows on my main current account.
Use a sub account just for betting, something like the latest Tesco current account.

Better still make your deposits to the online bookies via PayPal.

If the statements showed transfers to another account held in your name the lender will want to see those too so makes no difference. The same goes for frequent transfers to paypal.

As said above the only real way is to either stop gambling for 3 months or find another way that will not leave any hint or trace on your statements.

maas

Or go with a lender who doesnt ask for bank statements

mrmajika

Just to give an alternative view. I am an active matched bettor. My remortgage application happened 3 weeks ago. The lender requested all bank statements for all (6) of my current accounts including the matched betting one which had over £4k of gambling transactions over the 3 months. I duly provided all statements. It wasn't even questioned, let alone declined.

I'd suggest that each case and each lender is different, although I'm sure most (all?) would regard you as a higher risk showing significant gambling transactions, however, to suggest that it would be an automatic decline simply isn't true.

Good luck. Remember opinion is opinion and fact is fact. As it stands this thread contains a lot of the former. FACT!

ytfcmad

A lot of misinformation in this thread from people who do not know what they are talking about.