Unexplained income for Mortgage renewal

paddysreturn

Hi, 

I am due to remortgage in the next 2 months and have a personal loan (approx 5k) that I’d like to clear before the mortgage application. 

However, the funds to settle the loan will come from gambling winnings. Obviously I don’t want gambling transactions showing up on my account so I was planning on paying around 80% of the balance directly from my winnings and then actually settling the loan from my main bank account so it just appears as a normal transaction.

If anyone looked in detail at the account they’d see that there was an unaccounted for payment of approx 4k but in general the account will just look as though there were continual monthly payments and then a settlement. 

Is this idea crazy or reasonably likely to work? If not, are there any other options or am I just better off paying the loan and then waiting 3 months before remortgaging. 

Thanks in advance for any response.

getmore4less

if your lender offers decent retention deals you can just do a product switch

You should be looking already with just 2 months to go.

Lender and LTV?

 Look up their offers.

[Deleted User]

Gambling isnt illegal and winning isnt illegal either.   I have done many deals with gambling involved including a 700k purchase where 300k deposit was exclusively from gambling winnings.
Start of last year i did a 95% case with the full deposit from the horse racetrack.

I think perhaps you are over thinking this.

And if it fits affordability with the loan in place then the lender wont even ask for proof of how its going to be repaid 

paddysreturn

Thank you both for your replies. It seems I was unnecessarily concerned. 

ACG

I wouldnt say it is unnecessarily concerned. 
If you are doing it the way you plan on doing it, it should be fine and I cant see it getting looked into that much. 
If you were to transfer the money to your bank and then to the loan it could be a problem for some lenders. But it is unlikely to be a deal breaker.