Gambling entries on bank statement

aldino2015

Looking at SO, 25% is £82.5k. 5% deposit, £4125. Base salary £52k. £7k interest free credit card debt. £5k LISA saving. No issues such as anything unpaid etc.

In last 3 months pay slips, income paid into my account is about £12k. Multiple gambling entries totalling £2.5k, some small, some large amounts. Nothing for past 3 weeks. All disposable income, never gone into OD. More than this has gone back into my account but don't think they look at winnings. Would this be an instant denial? Or OK as I'm not looking for a high mortgage amount in relation to my salary?

Is it better to wait another month for a few of the entries to drop off? Would only be £1.5k in the past 3 months then with none in the last 6/7 weeks.

Or am I stuffed either way and should wait for 3 months clear?

CatBlack123

No personal experience but from what I've seen on various forums lenders don't like gambling. It may be safer to wait 3 months but what about if 6 months worth of statements are requested. 

I was spending between 25-35£ per months on National lottery  and I am worried that this may go against me so chose to wait until I have at least 2 months clean bank statements.

I am sure someone will share advise / experience. 

stek2008

CatBlack123 said:

No personal experience but from what I've seen on various forums lenders don't like gambling. It may be safer to wait 3 months but what about if 6 months worth of statements are requested. 

I was spending between 25-35£ per months on National lottery  and I am worried that this may go against me so chose to wait until I have at least 2 months clean bank statements.

I am sure someone will share advise / experience. 

No experience of regular non-lottery gambling - but I've had no concerns raised with my bank statements and I have National Lottery (~£35ish pcm), Peoples Postcode Lottery (£10pcm) and Health Lottery (£10 pcm) on my statements.

Our mortgage offer is now pending an extra timber/damp survey but NatWest didn't raise any issues with my bank statements. 

MWT

Lottery spends at these levels are not going to raise an eyebrow, 4 figure sums on other gambling is a different matter, but will still be taken in the context of the overall disposable income and a pattern of behaviour.

Probably worth using a broker to help pick the right lender, but shouldn't be a show-stopper I'd have thought.

[Deleted User]

I echo MWT

[Deleted User]

Also with that income consider taking a loan to boost your deposit (assuming thats what's holding you back) and buy a bigger share of the property or even buy a property outside of shared ownership as comparable properties tend to be cheaper if not on SO.   Just a thought 

Tashco

OP back in 2019 I applied for a mortgage and it was refused because although it was disposable income , no debt and I had savings, I was spending £500 per month gambling for fun. Worth a try but bare in mind they hate it. By gambling I don’t mean lottery/ postcode lotto I mean gambling sites like sky vegas/ play Ojo etc 

aldino2015

Thank you all for your replies.

Deleted_User said:

Also with that income consider taking a loan to boost your deposit (assuming thats what's holding you back) and buy a bigger share of the property or even buy a property outside of shared ownership as comparable properties tend to be cheaper if not on SO.   Just a thought 

I was under the impression taking a loan to use as a deposit was a big no no? That the bank would not lend for this purpose and the mortgage provider would not provide the mortgage if the deposit was borrowed? Or have things changed? Anyway if I did, my monthly outgoings would increase, which would mean my mortgage amount would decrease so I would not be able to get the usual 4.5x/5x I would need to purchase a non SO property.

MWT said:

4 figure sums on other gambling is a different matter, but will still be taken in the context of the overall disposable income and a pattern of behaviour.

Probably worth using a broker to help pick the right lender, but shouldn't be a show-stopper I'd have thought.

Ok so you reckon it's still worth a try, that's good to know. The SO company use metrofinance.co.uk to do the affordability checks before they will give the green light to proceed. I guess I can give them a call, explain the situation and see what they say.

Tashco said:

OP back in 2019 I applied for a mortgage and it was refused because although it was disposable income , no debt and I had savings, I was spending £500 per month gambling for fun. Worth a try but bare in mind they hate it. By gambling I don’t mean lottery/ postcode lotto I mean gambling sites like sky vegas/ play Ojo etc 

Yea I don't play the lotto etc, only proper sites. That's worrying to hear you were refused even though it was your disposable income. Stories like this are the reason I made this thread hmm. I guess it depends on the lender and there's not one answer for all.

penners324

If £12k is fairly standard, get that CC cleared then save as much as possible for the deposit.... might delay things for 4 to 6 months...

Tashco

@aldino2015 yeah but you also have a larger salary than what I did. As I say it’s worth a try but I’d definitely recommend a mortgage broker for assistance. I’ve read threads on here where people who gamble have been approved mortgages as you say it’s not one for all so your outcome could be totally different

[Deleted User]

There are currently 2 lenders that I know of who will take a loan for deposit.  And it may not have an impact on affordability as some lenders have a lot of tolerance for debt before it starts to reduce the lend amount