Gambling with mortgage application?? Help

Blackbeard_of_Perranporth

I once had an endowment mortgage where I gave an insurance company money each month in the hope it would pay it off. Fortunate for me they wrote and said they were short of the target and settled. Now I put my money on the 3:15 at Donny and that wsy I stand a better chance of winning and sometimes I get better returns!

robatwork

Blackbeard_of_Perranporth wrote: »

I once had an endowment mortgage where I gave an insurance company money each month in the hope it would pay it off. Fortunate for me they wrote and said they were short of the target and settled. Now I put my money on the 3:15 at Donny and that wsy I stand a better chance of winning and sometimes I get better returns!

I think the point a very early bird BoP is making here is that for many years the de facto way a mortgage company would expect you to pay off your loan was by gambling (on the stock market and other places that endowment policies invested in). Often these gambles didn't pay off, literally.

So it's a bit hypocritical they now object to what may well be a very affordable form of entertainment to you, and no more than many people spend on something more "acceptable" like fancy clothes, travel, make-up etc.

SLTW

I just got a mortgage with my partners gambling quite a lot, 10 pound a go a good few times a week, over the whole 3 months statements, we had to send them all off, and i was panicking but still approved cause it was disposable income. Fingers crossed i would try

satchef1

The main thing to be careful with (particularly for the Matched Bettors) is that winnings are usually ignored. This means it's generally more sensible to keep winnings elsewhere and recycle them, rather than keep paying money in and out of your bank account.

As an illustrative example, you place a £20 bet on a horse at 4/1. It wins. You withdraw the money to your bank account, then over the rest of the week place another 4 £20 bets. They all lose. You've broken even, but you've spent £100 of your disposable income. If you left the winnings in your account with the bookie, or transferred it out to PayPal/Skrill, you'd have only spent £20.

In matched betting terms, that £100 could be several grand. I often "spend" several times what I have in the bank in a month. If someone looked at my gambling transactions, they could be forgiven for thinking I'm a gambling addict verging on bankruptcy. It would appear to be only blind luck ensuring the balance increases month on month.

Cat_sandler

Worried about this. We’ve just reserved a shared ownership property and now have 28 days to get to exchange. Myself and my partner both gamble as a hobby (£10 a week each on average)
Our disposable income is comfortable and we don’t have any other vices.
Also. We’ve recently come back from a holiday and my partner was at his overdraft limit for 10 days as a result before getting paid (£200).
He is now back in credit and none of us have ever defaulted on a payment and both have good credit scores according to clearscore.
Any idea of our chances?

Smevchenko

mrmagooooooo wrote: »

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.

Don't listen to this, I had numerous betting transactions on my bank statements. maybe not huge amounts, but some multiple times a day, and was never even questioned about it. I am sure plenty of lenders will still be happy to lend to you, providing your affordability and credit files are not raising any red flags.

robatwork

Cat_sandler wrote: »

Worried about this. We’ve just reserved a shared ownership property and now have 28 days to get to exchange. Myself and my partner both gamble as a hobby (£10 a week each on average)

You've dragged up an old thread but £10 per week isn't gambling. It's £500 per year.

Plenty of people with almost 0 disposable income will spend £500 on one bet, or one night out.

Danny1234567

I feel it could be a case of self diagnosing via google looking through this post as everyones situation is different but it does get me worrying slightly.

My situation is:
I’m self employed as a Ltd Co
Salary is around 40k including dividends,
Turn over is north of 100k gross
Payments to my current account is generally around 5-6k per month and then ofcourse the dividends spiradically.

My issue is that although i’m in a comfortable position for the mortgage deposit and payments based on my 4 years worth of books. I gamble via paypal and also use paypal to pretty much pay for everything (flights, travel, purchases).

My worry is they see x amount of payments through paypal (possibly around £1000 p/m) and request to see the statements, which will of course show gambling transactions, possibly of £500 per month.

Should I be looking to go with lenders that won’t request statements? My account currently shows 6x more than the said deposit I will give for the mortgage (not gifted).

Thanks
Dan

Goldust

I'm in a similar position - I like the odd tenner here and there and as I was off work over Christmas and there was loads of football on I had a few flutters.



Only afterwards did I think it probably doesn't look good when we buy a new house as they ask for bank statements. I probably make it worse as I always withdraw straight away and then put money back in rather than building up a pot of winnings if I get lucky. I prefer the money in my bank.



I've cut it out completely for the time being (looking to get a new mortgage in March / April time) but I do agree with the sentiments that it shouldn't really matter if it's just part of your disposable income. How does it differ to buying cigarettes, fast food, etc? How do they know you're not down at the local bookies gambling with cash you've withdrawn?

Danny1234567

In a nutshell really they don’t know. I suppose sometimes it’s better to hide such payments.

Realistically I spend a lot on things I don’t need but all within reason. It all comes down to circumstance perhaps? I’m only looking to lend around 60% of my available amount so hopefully that would put me in good stead too.

I believe some lenders don’t actually ask for statements too?

Thanks
Dan