Gambling - Mortgage Lend. PLEASE HELP

ukman2020

Hi all,
I am really really panicking about my current mortgage application. 

Today we had our offer accepted and I am now in the process of getting my mortgage. 

I need to send off my bank statements which shows evidence of gambling. Between 50-150 a week sometimes, other weeks less or even zero spent. It’s all ‘disposable income’ as I’m not in any debt whatsoever. 

I probably clear myself around £2900 and have disposable income of around £1800 each month. 

Is this going to affect my mortgage do you think? Should I speak to my advisor and explain the situation before he issues to the bank? 

I am so so worried after ready things online! My partner will be devastated  

thanks All

[Deleted User]

around £2,900 net = approx £45k?
£50 a week on £45k isn't that concerning to me (assuming no other credit issues on case). £150 is a lot more. If a joint application (I noted you say 'we') and the other applicant doesn't have any issues, that'll only help your case.

Ultimately it'll depend on numerous things, e.g.

1. How account is managed (are you overdrawn? If so, I'd be very concerned)
2. Credit history - any missed payments / defaults / CCJs etc?
3. Lender's calculation of your income. If you want to borrow £100k and lender say you can borrow £300k, a bit of gambling probably isn't going to matter. If you want to borrow £100k and the lender says you can only borrow £100k, they're going to be far more careful.
4. Lender's policy - some lenders may well add the gambling in as a commitment, which could cause the case to fail (linked to #3 above)

I'm not sure what you could explain to the broker to be honest - if it's consistent gambling, then the Underwriter will simply see it as consistent gambling.

Might be worth speaking to a broker to ease your nerves (since they have experience with the lender you're using) but a good broker would want to highlight the strengths of the case to the lender anyway - e.g. have you got savings that you haven't touched? If your current account balance is £5k constantly, it's fair to say you probably don't have a gambling issue! Or is the other applicant perfect, have you got a very large (saved) deposit, all bills / utilities / mortgage paid etc etc,

Unfortunately it'll just be a "wait and see" now - but I'd send in the statement and any supporting statements (e.g. ISAs/Savings/Deposit) ASAP - IF it is a no, you want to know quickly so you can move on to the next lender.

ukman2020

Somerset_La_La_La said:

around £2,900 net = approx £45k? 48 or so. 
£50 a week on £45k isn't that concerning to me (assuming no other credit issues on case). £150 is a lot more. If a joint application (I noted you say 'we') and the other applicant doesn't have any issues, that'll only help your case. My partner is not on the mortgage. She’s a cash buyer. 

Ultimately it'll depend on numerous things, e.g.

1. How account is managed (are you overdrawn? If so, I'd be very concerned) I’m never overdrawn, if I am it’s work expenses which are then repaid. 
2. Credit history - any missed payments / defaults / CCJs etc? No missed payments. All credit scorers give me excellent scoring
3. Lender's calculation of your income. If you want to borrow £100k and lender say you can borrow £300k, a bit of gambling probably isn't going to matter. If you want to borrow £100k and the lender says you can only borrow £100k, they're going to be far more careful.  
4. Lender's policy - some lenders may well add the gambling in as a commitment, which could cause the case to fail (linked to #3 above)

I'm not sure what you could explain to the broker to be honest - if it's consistent gambling, then the Underwriter will simply see it as consistent gambling.

Might be worth speaking to a broker to ease your nerves (since they have experience with the lender you're using) but a good broker would want to highlight the strengths of the case to the lender anyway - e.g. have you got savings that you haven't touched? If your current account balance is £5k constantly, it's fair to say you probably don't have a gambling issue! Or is the other applicant perfect, have you got a very large (saved) deposit, all bills / utilities / mortgage paid etc etc, I have £20k saved which has remained untouched in an ISA. 

Unfortunately it'll just be a "wait and see" now - but I'd send in the statement and any supporting statements (e.g. ISAs/Savings/Deposit) ASAP - IF it is a no, you want to know quickly so you can move on to the next lender.

Apparently if it’s a no, you should wait 3 months before applying again and in that space we could lose the property. 

I’ll speak to the advisor tomorrow and explain 

[Deleted User]

Just to give you some comfort - With mortgages, I wouldn't wait 3 months - I've often dealt with clients who have been knocked back elsewhere.

A mortgage refusal sometimes just means you don't fit that specific lenders criteria - it's not (necessarily) a negative. I'd 100% be trying a 2nd lender if declined, possibly even a 3rd.

£20k saved sounds impressive and no overdraft use, I wouldn't be overly concerned with what you've said - ultimately gambling is a hobby. Some may well see it as an unwise hobby, but if there aren't concerning aspects to your case, they shouldn't be penalising you for it.

Some people spend their spare time gambling on the football, some people go to the football, some people do both... others just go to the cinema. Unless it truly demonstrates a worrying trend (e.g. a page full of betting transactions, overdrawn, missed payments/poor credit conduct), I'd personally not be too concerned - but I do know some lenders are a lot harsher than others. 

I'd chat with the broker, hopefully they'll be able to give you some positive stories from the lender you've gone to!