Mortgage application after matched betting

ACG

kingstreet wrote: »

31st April.

Bet you dont

DrSpendLittle

nyermen wrote: »

No opinion on the activity itself, just to say that FYI my conveyancer asked to see the "evidence of the source" of my main deposit funds (they were from inheritence) - regardless of that they were received over five years a go. Fortunately I still had copies of the will etc.

Same here - for fraud prevention, my conveyancer asked to see 6 months worth of bank statements so that the deposit could be seen to be older than 6 months. They will query any significant deposits onto the account within that time frame. Our mortgage company only asked for 3 months worth of statements but could've asked for many more one assumes.

BoiledBreadTomatoSauce

Had another think about this, any thoughts welcome...

If made a £100 - £200 float for the matched betting by transferring it from my main account into the secondary account, then only ever did matched betting transactions from the secondary account, would that make a difference?

Basically, there would be a £100 - £200 one-off balance transfer from my main account (where all my salary goes) then nothing else maches betting related involving that account. If they ask to see the secondary account it will show all sorts of transactions, but only that one initial deposit.

SG27

When I applied for a mortgage earlier this year I had 8 different current accounts all used for the high interest rates. However I was only asked for statements from main main current accoun that my salary is paid into. So in theory a seperate account shouldnt be a issue.

But if the do see the transactions they will assume a gambling problem. From their point of view they have no way of knowing if you are just gambling a lot or match betting.

Fire_Fox

BoiledBreadTomatoSauce wrote: »

Had another think about this, any thoughts welcome...

If made a £100 - £200 float for the matched betting by transferring it from my main account into the secondary account, then only ever did matched betting transactions from the secondary account, would that make a difference?

Basically, there would be a £100 - £200 one-off balance transfer from my main account (where all my salary goes) then nothing else maches betting related involving that account. If they ask to see the secondary account it will show all sorts of transactions, but only that one initial deposit.

Are you wanting to use matched betting to save towards your deposit, survey, legal fees etc. OR to leave you with a healthy 'rainy day fund' once you have completed on a purchase?

If the former what will you do for the latter?

If the latter you might only start matched betting once you have been fully accepted for a mortgage. Higher risk because you don't have a healthy 'rainy day fund' from day one, obviously.

Candyapple

SG27 wrote: »

When I applied for a mortgage earlier this year I had 8 different current accounts all used for the high interest rates. However I was only asked for statements from main main current accoun that my salary is paid into. So in theory a seperate account shouldnt be a issue.

And an alternative view, when I applied for my mortgage last year, I too had something like 10 current accounts which were used for high interest rates and when it came to pooling the money from them to form my deposit, I had to provide a minimum of 3 months statements for every single account to satisfy the solicitor’s money laundering thing.

letsbetfair

I've not long got a mortgage, and ended up going with the building society the 'spare' account I use for matched betting was with (they had the best offer). They therefore knew about the gambling transactions. I didn't have any problems, but I had a large deposit and I think my mortgage would have been affordable even if I'd been gambling £500+ per month.

Matched betting is less lucrative than it was, but still some money to be made. I just go for the low hanging fruit now (don't bother if less than £20/hr) but might just make £50/month as a result.

You'll still make a couple of hundred starting out with sign up offers, unless you make expensive mistakes... Exodi - £1k/month is a nice amount to be making nowadays! I'd guess this involved a little risk (even if that's just using less-than-stellar bookies)?

BoiledBreadTomatoSauce

Thanks for all the replies.

To cover what's been asked / suggested - in terms of affordability I also think I could pass the criteria by about £500 a month and I'm really just looking for an extra couple of grand to wipe credit cards and bump up the deposit. I can save £2k in about 5 - 6 months normally but my partner and I want to have somewhere bought by early next year.

Apart from the initial balance transfer of around £100 - £200 as a float, no money would go from my main account where my salary is paid, into matched betting. I'd also be careful to stop all matched betting activity 3 months before applying.

letsbetfair - why has it become less lucrative? Sites like Profit Accumulator and Team Profit push the idea that you can turn a float of £100 into £1000 within a couple of months. I took it with a pinch of salt obviously but how far is this from reality?

letsbetfair

BoiledBreadTomatoSauce wrote: »

letsbetfair - why has it become less lucrative. Sites like Profit Accumulator and Team Profit push the idea that you can turn a float of £100 into £1000 within a couple of months. I took it with a pinch of salt obviously but how far is this from reality?

It's less lucrative because bookies' offers are less generous and because they'll quickly close or limit accounts that are taking value bets or exploiting offers (which includes matched betters).

I've not talked anyone through lots of account openings for almost two years. Making that high a return sounds optimistic, though, unless you're doing things like opening multiple accounts with the same bookie (which is risky!) Worth remembering that Profit Accumulator and others also want to make £s for themselves. Post on the matched betting forum here and people may be able to give you better estimates (my estimate of a couple of hundred may have been too pessimistic - I may have assumed sign up offers have gone down more than they have).

Two other cautions. Firstly, even having to get a slightly dearer mortgage could easily cost you £500 or £1k over 2yrs - so this is a risk to bear in mind with matched betting. Secondly, if anyone suggests spread betting bear in mind that these firms will leave a credit check on your file and you can lose more than you put in - so don't do this unless *very* sure of what you're doing.

I'm not saying you shouldn't do matched betting - it can be a quick way to get extra cash. Do think about if the rewards nowadays outweigh the risk though.