First mortgage and matched betting

kaianochre

Hi there
I'm 25 and desperate to buy my own house. I've never had my own space and I'm disabled and living with housemates still doesn't work very well for that haha. I'm basically confined to my bedroom and I hate feeling like I have to tiptoe around my house. I'm only on £21k a year. I am trained in a job that would pay over 30k but my disability means I can't do it anymore. I can't use the bathroom either here as we only have a bath that I struggle to get in and out of. 
Where I live houses to buy are cheaper than to rent. I can't afford to rent on my own (£700+) but a 2 bed house could be £400 a month with a mortgage. I pay £450 now for a room in a shared house not including bills. Also nowhere here allows pets and its been recommended by all my doctors that I have look into a support animal, probably a support dog. I feel really trapped by my situation and it's getting me down. I know I'm only 25 but renting is not working out for me at all

Because of my wage I struggle to save. I save as much as I can and live off as little as possible but I'm still nowhere near enough for a deposit. I have 5k and aiming for 12k. I started doing matched betting to supplement my income and it's incredible how much I have made already (£1500 in  2 months and the profit is increasing each week). I could have my house deposit in less than a year if I keep it up. But then I read that this looks really bad to mortgage providers so they recommend stopping at least a year before applying for the mortgage. I want to be applying in just over a year ideally. Someone said I can make a second bank account just for the betting, but can't lenders see everything in your name? When my ex applied for a mortgage they had to see every account in his name. He had one he hadn't used in years and they got suspicious about him not sending him the statements even though he had just forgotten. 

Is there a way around this? I know it might sound ridiculous but I've never felt the financial freedom I have before and being disabled it is hard for me to get a job with more hours or work extra shifts at a second job. I feel trapped living in shared accommodation and desperate to buy a house. I was going to just use PayPal but most of the betting offers require you to use a debit card. 

If not does anyone else have any suggests on how to reach my goal faster? Other than a deposit boost because I don't have any family. My salary lets me save about £2000 for the house deposit a year. Plus £500 government bonus in my LISA. So in a year I will have roughly £8000 which could do me a 7% deposit but I don't know how likely I am to be accepted for less than 10%

lonibra

Use a separate account for the matched betting and keep those funds separate from your normal salary income. Use the matched betting income for all expenditure and let your salary income add to your deposit.

One step further, you can use accounts like Monese, etc which don't report to credit agencies but some betting sites don't accept these cards.

I am not suggesting lying to your MB or the bank, just ways in which you can ensure that your completely legal and above board matched betting activities don't impact your mortgage chances. 

No bank will lend to you if your main current account shows 10s of betting transactions every month.

kaianochre

lonibra said:

Use a separate account for the matched betting and keep those funds separate from your normal salary income. Use the matched betting income for all expenditure and let your salary income add to your deposit.

One step further, you can use accounts like Monese, etc which don't report to credit agencies.

I am not suggesting lying to your MB or the bank, just ways in which you can ensure that your completely legal and above board matched betting activities don't impact your mortgage chances. 

No bank will lend to you if your main current account shows 10s of betting transactions.

Can't they see all accounts in my name though? Like I say when my ex applied for a mortgage in 2019 they rejected it at first because he forgot to tell them about an old account that was still active. I would open a second account but I worry they will still be able to see it?

[Deleted User]

I have placed plenty cases where there was a lot of betting involved.  Some lenders will even be fine with professional gamblers.    

Just make sure you don't over extend yourself as a lender thinking you are chasing losses is likely to get a decline.  gambling with borrowed money is generally frowned on as well so dont use overdraft facilities.    
You might find you need to avoid certain lenders as they dont like gambling but on the whole I have never had a good case turned down just because it has gambling involved.   (a few cases turned down where poor money management was the reason though)

Some lenders dont ask for bank statements either which can be useful in certain circumstances.  

ACG

Get 2 accounts, keep them separate. 
Some lenders only want to see the statements for the account where your wages/bills come in/out. Some lenders do not even ask for statements. Keep the gambling money in that one account, dont transfer back and forth between the 2. 

They will see you have multiple accounts from your credit report but it does not matter to some lenders.

Once you get about 4-5 months before you are ready, speak to a broker. They will check everything is in line to give you the best possible chance. 

leonj

Why don't you just put all your money in to matched betting if it's so lucrative, you won't even need a mortgage

K_S

@kaianochre I'll echo the comments above. Keep the current accounts separate and you should be fine. Other than some heavy-adverse lenders or large transactions going to and fro, I rarely have lenders looking into secondary accounts held by the client.