Mortgage and Lottery Syndicate

LaurenS932

Hi all
First time poster just looking for some advice. I have just begun saving for a mortgage deposit and my work colleagues want me to start up a lottery syndicate. Is this ok to do? Or will having £50 a month going on the lottery affect my future mortgage applications? Due to the sheer numbers of colleagues I wouldn’t want to deal in cash.

PJBRFC

If the payments from the other players are going to go into your bank account, I guess you'll have proof on your statements that it's a syndicate should the underwriters want it. 

You could setup another current account to run the syndicate if you really wanted to, but may be unnecessary effort. Maybe a broker can confirm if proof of the funds from other players would be enough?   

bradders1983

Probably just easier to set up a Monzo account (or similar) and use that.

Thrugelmir

You should run the syndicate in a proper manner. Separate bank account. Syndicate agreement drawn up etc. 
Ask syndicate members to deposit directly into the bank account. 

[Deleted User]

I did a deal with a 500k deposit coming from a lottery syndicate winnings and page after page of gambling.   As long as you set it up properly with agreements in place, and the broker knows how to properly package a case (or avoid certain lenders) then it will be fine.    

To be honest,  £50 a month wouldnt even concern me.  You could spend that much on cigs in a week if you wanted to and no one would bat an eyelid

wjr4

Do you not think £50 pm would be better to spend on your property purchase? I’d never dream of spending that much on the lottery!! 

Socajam

Put the £50 into Premium Bonds - in 12 months you would have £600 - or you may win the million pounds jackpot or a smaller pot
Either way you won't lose your money as with the lottery.  But on the other hand, your colleagues may win the lottery and you would be kicking yourself

davidmcn

wjr4 said:

Do you not think £50 pm would be better to spend on your property purchase? I’d never dream of spending that much on the lottery!! 

I read it as being the overall amount going through the syndicate (and therefore the OP's account) rather than their personal contribution.