Mortgage and gambling

xx26xx10xx95

Hi
I am just after advice really as I'm really worried. Me and my partner are applying for a mortgage. Offer accepted on £160k property with 90% LTV. £3200 would be our basic monthly income. Here's the part I'm worried about, the bank statements of the OH that have been sent to the lender... So July the gambling added up to £240, August £300 with £120 in one day in £20 bets on Monopoly casino (6x20), then the same again a few days later but totalling £80 (4x20) then 2 weeks went by of no betting. September added up to £201 with 4 separate deposits to William Hill in one day equalling £55. In August and September £70 of the total amounts was to the national lottery as he puts it on for his work friends and you can see £10 deposits from them prior to the NL transaction. So near £750 in 3 months. He has also been in his overdraft a couple of times for a few days (simply because he hasn't realised) with one transaction to a betting account making him £5 into the OD which he repaid the next day. He has never missed a payment for any credit, no payday loans etc. Never borrowed to bet. Good credit rating.  My statements are all clean and tidy. I basically want honest opinions and if anyone has ever been in the same situation. What exactly do lenders look for in your bank statements? Would they see that its disposable income? Would they consider our joint wage in ratio to the £200-£300 gambling per month? (Which WILL NOT be happening anymore but obviously too little too late!) Will my clean statements help us out? Any response would be greatly appreciated.

Thanks

penguineater

Can't answer your question but you should open a new bank account for gambling, this may come in useful for a future remortgage if they need to go over statements at that point.

Wales2020

I think this would raise red flags to be honest but try posting this on the “ask the broker” thread on here as they will have much more experience in answering the question. 

ACG

That thread has got far too long far too quick. 
I dont bother reading it now. 

To me it makes more sense for people to start their own threads and then there is no confusion and everyone has their own thread specifically for their enquiry. 

I have not given a specific answer on this thread though as the OP sent me a PM where I have answered directly, but just wanted to say that for me at least I am far more likely to reply to a thread with its on title than a question in the middle of a 20 page thread. 

payless

 if brokers can offer advice they will do so here, no need to repost 

jenjen26

We currently have an application in progress with tsb and we have gambling transactions on our last 3 bank statement. Around £500 for July and august and around £100 in September. We also don’t have any debts and a good disposable income. It’s a joint account which all our bills come out so they were all submitted. 

I spoke to our broker as I was up to 90 with worry after reading threads on here and she looked at all the bank statements and was happy enough that it was disposable income and her words were ‘we are not here to judge what you spend your money on especially when you don’t owe any to anyone’. We passed the affordability check.

we are obviously still waiting for a mortgage offer should hopefully have one this week but we have been green ticked for everything so far!! 

Hope this helps ease your worry and speak to your broker, they’ll put your mind at ease! 

obc18

Hope you got your answer already. I’d be nervous about gambling transactions in the lead up to an application (my oh likes a bit of a flutter but we just flat out stopped it in recent months for our mortgage application). But on the same token if it’s disposable income and you have no debt then it’s your right to do as you wish with the money you’ve earned. I think it’s worrying patterns, signs of addiction and poor money management that they look out for. 

xx26xx10xx95

obc18 said:

Hope you got your answer already. I’d be nervous about gambling transactions in the lead up to an application (my oh likes a bit of a flutter but we just flat out stopped it in recent months for our mortgage application). But on the same token if it’s disposable income and you have no debt then it’s your right to do as you wish with the money you’ve earned. I think it’s worrying patterns, signs of addiction and poor money management that they look out for. 

Thanks for your reply. Theres gambling transactions and then there’s what I saw! The positives I’ve taken from it and that I hope they see is his own money and it isn’t daily. Fingers crossed.

HehnryBlck

Thank you for sharing this important infomation