Gambling on statements

Trust_me

Hi, I have applied for a mortgage and need to send 3 months worth of statements to Halifax. Stupidly, the past month I have gambled lots daily whilst I was stuck in hospital ( just passing the time I guess) I have lost about £1000 ( lesson learned) and not sure whether to withdraw my application for 3 months until this in affect drops off?

Also, I constantly living in my overdraft (£500) even though I have a couple of thousand in savings and despot about £100 to a savings account. Its interest free so it just hasn't concerned me too much, but can see why that may look bad. Deposit will be about 10%.

Many thanks

HampshireH

It would make sense to stop living in your overdraft. Clear the overdraft and manage on your income not credit. Is there any reason you haven't done this before?

If gambling has kept you in your overdraft its not likely to help an application at all.

3 months may be the average number of statements requested but its variable and depends on the lender & what they find. We had to provide 12 months to evidence build up of savings from salary deposits.

Have you found a property to buy?

HampshireH

Mortgage board may be best to advise

walwyn1978

The gambling could make you a less appealing prospect to them and could reduce the options available, although obviously it’s not a huge amount at this stage it may trigger their algorithms.

If you can leave it a few months to ‘lose’ this month with the gambling in it you may be able to get a better offer.

Trust_me

Hi, Yes found property to buy and have and AIP. 3 months they have asked for. I have cleared the OD this moment but have lived in it for months despite depositing a couple of hundred into savings each month.

Thanks

ACG

I would put a note on your application to explain why you have been gambling and that it is not a problem. It could be a problem, maybe offer to send another 3 months bank statements to evidence you have no addiction and/or your hospital letter confirming you were in those dates.

I wouldnt withdraw your application, if you withdraw it you are definitely not getting the mortgage, if you leave it in you have a chance.

(Just FYI, they are not bothered whether or not you win).

HampshireH

My point was they may ask for more. So if you did withdraw and go back to the process in 3 months you could be in the same situation.

We were initially asked for 3 too by lender. Solicitors then asked for the rest further into the process to pass to lender

hazyjo

ACG wrote: »

I would put a note on your application to explain why you have been gambling and that it is not a problem.

To be fair, any addict (not saying you are OP!) would say the same thing until they're ready to try to quit (doesn't matter what the addiction might be). If anything, it would probably put a bigger red flag over the application in my mind.

Slinky

If you volunteer statements going further back than 3 months as well as the recent ones, will they look any better or is your gambling a regular thing?

ACG

hazyjo wrote: »

To be fair, any addict (not saying you are OP!) would say the same thing until they're ready to try to quit (doesn't matter what the addiction might be). If anything, it would probably put a bigger red flag over the application in my mind.

Fair point, but if you can evidence you did not gamble before you were stuck in a hospital bed or after and that you were actually in hospital during that time - I think you have done as much as you can do to try and win them over. It is not a guarantee but you are acknowledging the "issue" and offering up an explanation.